2024 Standard Deduction Amount. According to the social security administration, recipients must currently pay federal income taxes if combined income — 50% of the benefit amount plus any other. The deduction applies only to expenses not compensated by insurance or otherwise regardless of whether you receive the reimbursement directly or payment is made on.
The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for.