Standard deduction for 2024 Here are the current standard deduction amounts for 2024, for returns filed in 2025: Filing status 2024 standard deduction amount Single $14,600 Head of household $21,900 Married filing jointly $29,200 Qualifying surviving spouse $29,200 Married filing separately $14...
The standard deduction method is applied by default as most taxpayers qualify for this deduction based on filing status, age, and whether a taxpayer is blind or not. Below are the basic standard deductions for each filing status: Single or married filing separately: $14,600 Head of household:...
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...
When you file your federal taxes, you have to choose between claiming the standard deduction vs itemized deduction. While the itemized deduction could potentially allow you to save more on taxes, your itemized expenses must exceed the standard deduction.
Single or Married Filing Separately — $13,850 Married Filing Jointly or Qualifying Surviving Spouse — $27,700 Head of Household — $20,800 These are the 2024 standard deduction amounts (for tax returns filed in 2025): Single or Married Filing Separately — $14,600 ...
The standard deduction is a way to reduce your taxable income in a given year. For example, a single person who earned $50,000 in 2025 receives a $15,000 standard deduction. That means that person will pay taxes on $35,000 ($50,000 minus $15,000). ...
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 ...
Single$14,600$15,000 Married Filing Separately$14,600$15,000 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 filers and $12,700 for married...
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...