For 2023, the standard deduction was $13,850 for individuals, $27,700 for joint filers, or $20,800 for heads of household. The standard deduction in 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households. The IRS adjusts the standard deduction...
These are the standard deduction amounts for each filing status for tax years 2022 and 2023:1 Filing Status 2022 Deductions 2023 Deductions Single $12,950 $13,850 Head of Household $19,400 $20,800 Married Filing Jointly $25,900 $27,700 Married Filing Separately $12,950 $13,850 ...
Here are the changes unveiled by the IRS on Tuesday. The inflation-adjusted elements will apply to the 2023 tax year, meaning returns filed in 2024. Standard deduction The standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers....
The pressure of a looming tax deadline may make it easier to take the standard deduction rather than itemize your deductions, but you should weigh this question carefully. Here are a few key areas to consider — including charitable donations, medical de
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Filing Status2023 Standard Deduction2024 Standard Deduction Single$13,850$14,600 Married Filing Separately$13,850$14,600 Heads of Household$20,800$21,900 Married Filing Jointly$27,700$29,200 Surviving Spouses$27,700$29,200 Taxpayers at least 65 years oldorblind can claim an additional standard...
The 2023standard deductionamounts are as follows: Single or married filing separately: $13,850 Married filing jointly: $27,700 Head of household: $20,800 The additional standard deduction for people who have reached age 65 (or who are blind) is $1,500 for each married taxpayer or $1,850...
2024 standard deduction Single; Married filing separately $14,600. Married filing jointly; Surviving spouse $29,200. Head of household $21,900. Source: Internal Revenue Service » MORE: IRS announces 2025 tax changes, updated standard deduction Standard deduction 2025 The standard deduction for th...
Note: The reference to the standard deduction amount in this video applies only to taxes prepared for 2010. It is included here for reference only. Standard tax deduction give taxpayers the option of claiming a predictable lump-sum deduction instead of a
Head of Household — $21,900 Additional standard deduction For 2023 and 2024 taxes, there’s a higher standard deduction for certain taxpayers who are blind and/or are 65 or older: Standard deduction2023: Blind: Single – $15,700 Head of Household – $22,650 ...