The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill. For 2023, the standard deduction was $13,850 for individuals, $27,700 for joint filers, or $20,800 for heads of household. The standard deduction in 2024 is $14,600 for indi...
Standard deduction for 2024 Here are the current standard deduction amounts for 2024, for returns filed in 2025: Filing status2024 standard deduction amount Single$14,600 Head of household$21,900 Married filing jointly$29,200 Qualifying surviving spouse$29,200 ...
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 married taxpayers, and slightly more if you’re over 65. If you own...
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 Standard deduction 2025 (taxes due 2026) The standard deduction for 2025 is $15,000 for single filers and married peop...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
Standard deduction 2023: Blind: Single – $15,700 Head of Household – $22,650 Married Filing Separately — $15,350 Married Filing Jointly — $29,200 for 1 or $30,700 for both Qualifying Surviving Spouse – $29,200 65 and older: ...
Standard Deduction for the 2023 and 2024 Tax Years 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 ...
Head of household (single but with one or more dependents) Note All of these statuses have different qualifying rules, standard deductions, tax rates, and credit and deduction eligibility. An Example of the Standard Deduction Once you identify your standard deduction, you then can deduct that amou...
Standard Deduction Amounts 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 ...
Since the latest tax law doesn’t expire until 2025, the personal exemption may be gone for a while. This was offset by an increase in the standard deduction, though that is little solace to folks who regularly itemize their deductions. 2025 Single vs. Head of Household Ever wonder what th...