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...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
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 start to finish. Or, get unlimited help and advice f...
Taxpayers at least 65 years oldorblind can claim an additional standard deduction. For 2023, the amount rose to $1,500 ($1,850 for single filers and heads of household).4For 2024, these amounts were changed to $1,550 and $1,950, respectively.5 ...
The IRS usually updates the standard deduction amounts annually. Here are the 2024 standard deduction amounts for eachfiling status: $14,600 for those single or married filing separately $29,200 for those married filing jointly or a qualifying surviving spouse ...
This software still works best for taxpayers that have simple returns. Our Experts Written by, Edited by Written by Danni Santana Editor Read more from Danni Danni Santana has spent seven years as an editor and business journalist covering industries like sports, retail, restaurants, and now perso...
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...
The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.