New IRS Tax Brackets Could Lower Taxes for Some 

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From the AARP Bulletin, February 2024 

Inflation has hurt lots of people on fixed incomes, but it has also created a potential piece of good news: the federal IRS tax brackets have been adjusted to reflect inflation. That could mean you may fall into a lower bracket, paying a smaller percentage of taxes on income. 

Another change: the standard deduction is $14,600 for single filers for the 2024 tax year, up from $13,850 for 2023. The standard IRS tax deduction for couples filing jointly is $29,200 in 2024, up from $27,700. And more good news for older taxpayers: joint filers can increase the standard deduction by $1,550 each, for a total of $3,100 if both filers are over age 65. In total, a married couple, both over age 65 would have a standard deduction of $32,300. 

Here’s a look at the new IRS tax brackets: 

Free Tax Preparation for Seniors 

If you’ve earned $79,000 or less, VITA (Volunteer Income Tax Assistance) will do your taxes for free (this service is income based, so it can be used by anyone, not just seniors). Book an appointment in DeSoto, Hillsborough, Manatee, Pinellas, or Sarasota counties by visiting https://unitedwaysuncoast.org/what-we-do/income/free-tax-help/ or calling 833-897-8482. 

Related: Supplemental Security Income (SSI): What Is It?

AARP Tax-Aide District 45 serves The Villages, Fruitland Park, Lady Lake, Wildwood & Sumter County. They only accept online appointments, so visit www.villagestaxaide.com to get started with this free service. For other AARP Tax-Aide service locations, visit https://taxaide.aarpfoundation.org/ and click “locate sites near me.” 

The IRS can also help you locate free tax prep assistance. Visit https://irs.treasury.gov/freetaxprep/ and enter your zip code for location specific assistance.