2024 Tax Rates And Deductions For Seniors. Your taxable income is your income after various deductions, credits, and exemptions have been. You pay tax as a percentage of your income in layers called tax brackets.
Tax information for seniors and retirees, including typical sources of income in retirement and special tax rules. Check your 2024 irs federal income tax bracket to see if you fall into a lower bracket due to inflation, which could lower your tax bill next year.