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...
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...
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
$21,900 for a head of household Note that if you’re blind, were listed as a dependent on someone else’s return, or if you were born before January 2, 1960 (for the 2024 tax year), different calculations are used to find your standard deduction. What are the allowed itemized deducti...
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 ...
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 ...
2025 Single vs. Head of Household Ever wonder what the difference is between a single filer and a head of household filer? The head of household filing status seems to be much like a single filer except you get a few higher amounts, like a $22,500 standard deduction versus the single ...
Standard Deduction 2022 Single; Married Filing Separately $12,550 $12,950 Married Filing Jointly & Surviving Spouses $25,100 $25,900 Head of Household $18,800 $19,400 How Does the Standard Deduction Really Work? On your tax filing, the standard deduction is the easiest way to lower your ...
The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
Head of household $19,400 $20,800 For 2023 (taxes filed in 2024), the standard deduction will increase to $27,700 for married couples filing jointly, $20,800 for heads of household, and $13,850 for single taxpayers. When to Claim the Standard Deduction? Check the following points that...