Standard deduction for 2024 The 2024 standard deduction is presented below for 4 of the most common filing statuses. Filing statusStandard deduction Single $14,600 Married filing jointly $29,200 Married filing separately $14,600 Head of household $21,900 Being blind or age 65 or over—or havi...
The standard deduction is a powerful tool to lower your tax bill. You must choose between claiming it or itemizing your deductions. Here's how it works.
Claiming the Standard Deduction is easier, because you don’t have to keep track of expenses. The 2024 Standard Deduction is $14,600 for taxpayers filing as Single or Married Filing Separately ($21,900 if you’re filing as Head of Household), $29,200 for taxpayers filing as Marrie...
The standard deduction for 2024 is $14,600 for single filers and married people filing separately, $21,900 for heads of household, and $29,200 for those married filing jointly and surviving spouses. This deduction is taken on tax returns that were due by April 15, 2025, or by October 15...
There are nonresident aliens who can claim the standard deduction, however, in general, a nonresident alien filing Form 1040-NR can not claim the standard deduction. Here are the exceptions: A: If a nonresident alien is married to a U.S. citizen or resident alien as of Dec. 31 of the ...
You can take advantage of an additional standard deduction if you are 65 or over at the end of the tax year (you are considered to be 65 on the day before your 65th birthday). Peoplewho are blind may claim an additional deduction, provided they are blind on the last day of the tax ...
Standard deduction 2024: Blind: Single — $16,550 Head of Household — $23,850 Married Filing Separately — $16,150 Married Filing Jointly — $30,750 for one spouse or $32,300 for both spouses Qualified Surviving Spouse — $30,750 ...
The 2023 standard deduction amounts 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...
You have deductions, credits, exemptions, carryovers… the list goes on and on. Even if you knew every last deduction (and that would make you a tax accountant or a weirdo!), you’d still only know half the story. Today, we will explain away one piece of the tax puzzle: the ...
Standard Deduction Amounts for 2024 and 2025 Important If you’re age 65 or older at the end of the tax year, you are allowed an additional standard deduction amount of $1,600 for 2025. Blind taxpayers are also eligible for this deduction amount.3 ...