Filing status2024 extra standard deduction Single, 65+ or blind$1,950 Single, 65+ and blind$3,900 Married filing jointly, one spouse is 65+ or blind$1,550 Married filing jointly, both spouses are 65+ or blind$3,100 Married filing jointly, both spouses are 65+ and blind$6,200 ...
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...
The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
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 standard deduction amounts will rise by $100 to $1,500 and $1,850, respectively, for the 2023 ta...
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 ...
When you take the standard deduction, you don’t have to do anything. You just take it. The amount is based on your filing status. Here are the 2024 standard deductions (with 2019 – 2024 figures for reference): Your Filing Status2025202420232022202120202019 Single $15,000 $14,600 $13,850...
More than half of the population, one figure has it at 65% uses the standard deduction. I would guess that it is most likely because the short form is easier, faster, and a whole lot less of a headache, and not because there is nothing to itemize. ...
The standard tax deduction for single filers is $13,850 in 2023. This is the same for married individuals filing separately. For those married and filing jointly, the deduction is $27,700 in 2023. For heads of households, it is $20,800 in 2023.7 For tax year 2024, the standard deductio...
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...