The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for married taxpayers, and slightly more if you’re over 65. If you own a home and the total of your mortgage interest, points, mortgage insurance premiums, and real...
Additional standard deduction 2024 (taxes due 2025) Single or head of household 65 and older or blind. + $1,950. 65 and older and blind. + $3,900. Married filing jointly or separately and surviving spouse 65 and older or blind. + $1,550 (per qualifying individual). 65 and older and...
Here are some examples of the value of the extra standard deduction for 65 or older and/or blind taxpayers, by filing status, for 2024, for returns filed in 2025:Filing status2024 extra standard deduction Single, 65+ or blind $1,950 Single, 65+ and blind $3,900 Married filing jointly,...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
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 ...
If someone may claim you as a dependent on their tax return, your standard deduction is decreased. For the 2022 tax year, you can boost your standard deduction by $1,400 if you are over 65 or blind; by $1,750 if you are single and do not have a surviving spouse. These two new ...
Some individuals might be eligible for an increase in their standard deduction based on age or disability. Taxpayers who are age 65 and older or blind are entitled to an additional deduction of $1,300 if you're married or a qualifying widow(er) and $1,650 if you're single o...
Taxpayers at least 65 years oldorblind can claim an additional standard deduction. For 2023, the amount rose to $1,500 ($1,850 for single filers and heads of household).4For 2024, these amounts were changed to $1,550 and $1,950, respectively.5 ...
The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
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). People who are blind may claim an additional deduction, provided they are blind on the last day of the tax...