Standard deduction for 2024 Here are the current standard deduction amounts for 2024, for returns filed in 2025: Filing status2024 standard deduction amount Single$14,600 Head of household$21,900 Married filing jointly$29,200 Qualifying surviving spouse$29,200 ...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
TurboTax May 1, 2024 11:51 AM EDTStart Conversation Key takeaways Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for ...
return is simple in recent years as the standard amount is usually larger than itemizing. If the standard deduction amount for your filing status isgreaterthan your total itemized deductions, then you should take the standard deduction. Otherwise, you should claim itemized deductions on your tax ...
Regardless of your expenses, you can only take the Standard Deduction. Most married taxpayers save more by filing jointly. For more tax tips and guidance, visit TurboTax.com. *The Standard Deduction in 2024 for single taxpayers is $14,600. With TurboTax Live Full Service, a local ...
THANKS TO THE 2017tax law, the standard deduction is roughly double the old level. In 2024, it’s $29,200 if your tax-filing status is married filing jointly, $21,900 for heads of household and $14,600 for single individuals. For 2025’s tax year, those figures rise to $30,000 fo...
The standard deduction amount varies according to your filing status. Here are the amounts for tax year 2023 (for returns filed in 2024): Single or Married Filing Separately — $13,850 Married Filing Jointly or Qualifying Surviving Spouse — $27,700 ...
A federal tax benefit known as the standard deduction enables taxpayers to lower their taxable income by a predetermined amount. Regardless of their filing status or taxable income, all taxpayers are eligible for the standard deduction. This benefit can be valuable if you have heavy tax liabilities...
Below are the standard deductions for tax years 2023 and 2024, depending on taxfiling status:67 The current standard deductions are a significant upgrade from levels before the Tax Cuts and Jobs Act was passed. For example, in the 2017 tax year, the standard deduction was $6,350 for single...
Standard Deductions for 2023 and 2024 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 As noted above, the federal income tax system and som...