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,...
These are the standard deduction amounts for each filing status for tax years 2022 and 2023:1 Filing Status 2022 Deductions 2023 Deductions Single $12,950 $13,850 Head of Household $19,400 $20,800 Married Filing Jointly $25,900 $27,700 Married Filing Separately $12,950 $13,850 ...
Standard Deduction Financial Wikipedia The name given to a fixed amount of money that may be subtracted from the adjusted gross income of a taxpayer who does not itemize certain living expenses forIncome Taxpurposes. West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group,...
That might sound like a lot of work, but it can pay off if your total itemized deductions are higher than the standard deduction. For 2023, the standard deduction numbers to beat are: Single taxpayers: $13,850 Married taxpayers filing a joint return: $27,700 Heads of household: $20,800...
The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
The pressure of a looming tax deadline may make it easier to take the standard deduction rather than itemize your deductions, but you should weigh this question carefully. Here are a few key areas to consider — including charitable donations, medical de
2024 standard deduction Single; Married filing separately $14,600. Married filing jointly; Surviving spouse $29,200. Head of household $21,900. Source: Internal Revenue Service » MORE: IRS announces 2025 tax changes, updated standard deduction Standard deduction 2025 The standard deduction for th...
THANKS TO THE 2017tax law, the standard deduction is roughly double the old level. In 2024, it’s $29,200 if your tax-filing status is married filing jointly, $21,900 for heads of household and $14,600 for single individuals. For 2025’s tax year, those figures rise to $30,000 fo...
For tax year 2023, the standard deduction was $13,850 if you filed as single or married filing separately. It was $20,800 for heads of household and $27,700 for married filing jointly or qualifying widow(er) taxpayers.1 What Can I Deduct If I Take the Standard Deduction? You can clai...
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 Surviving Spouses$27,700$29,200 Taxpayers at least 65 years oldorblind can claim an additional standard deduction. For 2023, the amount rose to $1,500 ($...