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,...
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...
Each year, the IRS updates the standard deduction to keep up with inflation, so it tends to increase over time. Your standard deduction amount usually depends on your tax filing status. For example, people married filing jointly get a bigger deduction than single filers. Those 65 and older ...
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...
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 expert matched to your unique situation will do your taxes for you sta...
The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
Married filing jointly or qualified widow(er): $25,100. “A standard deduction is something you get on your return without doing anything else,” says Paul Joseph, a CPA and owner of Joseph & Joseph Tax & Payroll in Williamston, Michigan. With few exceptions, all taxpayers are ...
Married, filing separately $12,950 $13,850 Head of household $19,400 $20,800 For 2023 (taxes filed in 2024), the standard deduction will increase to $27,700 for married couples filing jointly, $20,800 for heads of household, and $13,850 for single taxpayers. When to Claim the Stand...
State and local income taxes or sales tax Property taxes Medical expenses (worth over 10% of your income) When these types of expenses add up to more than the standard deduction, it makes sense to itemize your tax return. If you don’t know if you have more itemizations than your standa...
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