The standard tax deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.
*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 from tax experts while you do your taxes with TurboTax...
The standard deduction is updated annually for inflation and reflects your tax filing status.3 You can take advantage of an additional standard deduction if you are 65 or over at the end of the tax year (you are considered to be 65 on the day before your 65th birthday). People who are...
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 ...
For the 2022 tax year, you can boost your standard deduction by $1,400 if you are over 65 or blind; by $1,750 if you are single and do not have a surviving spouse. These two new standard deduction amounts will rise by $100 to $1,500 and $1,850, respectively, for the 2023 ta...
Each year, the IRS updates the standard deduction to keep up with inflation, so it tends to increase over time. Your standard deduction amount usually depends on your tax filing status. For example, people married filing jointly get a bigger deduction than single filers. Those 65 and older ...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.