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,...
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...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
return is simple in recent years as the standard amount is usually larger than itemizing. If the standard deduction amount for your filing status isgreaterthan your total itemized deductions, then you should take the standard deduction. Otherwise, you should claim itemized deductions on your tax ...
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...
TurboTax May 1, 2024 11:51 AM EDTStart Conversation Key takeaways Claiming the standard deduction is easier, because you don’t have to keep track of expenses. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for ...
Single or Married Filing Separately — $13,850 Married Filing Jointly or Qualifying Surviving Spouse — $27,700 Head of Household — $20,800 These are the 2024standard deductionamounts (for tax returns filed in 2025): Single or Married Filing Separately — $14,600 ...
A federal tax benefit known as the standard deduction enables taxpayers to lower their taxable income by a predetermined amount. Regardless of their filing status or taxable income, all taxpayers are eligible for the standard deduction. This benefit can be valuable if you have heavy tax liabilities...
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...
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 ...