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.
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...
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 ...
Filing Status 2022 Tax Payers 2023 Tax Payers Single $12,950 $13,850 Married, filing jointly $25,900 $27,700 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 cou...
for inflation, and the limits are based on your filing status. For tax year 2022, the standard deduction ranges from $12,950 for single filers to $29,9o0 for married filing jointly. In tax year 2023, the deductions are $13,400 for single filers and $30,700 for married filing jointly...
What Is the Standard Deduction? 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)....
The 2023standard deductionamounts 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 $1,850...
What Is the Tax Deduction for 2023? 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 Fo...
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...