Filing status 2024 extra standard deduction Single, 65+ or blind $1,950 Single, 65+ and blind $3,900 Married filing jointly, one spouse is 65+ or blind $1,550 Married filing jointly, both spouses are 65+ or blind $3,100 Married filing jointly, both spouses are 65+ and blind $6,20...
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...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
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 ...
When you take the standard deduction, you don’t have to do anything. You just take it. The amount is based on your filing status. Here are the 2024 standard deductions (with 2019 – 2024 figures for reference): Your Filing Status2025202420232022202120202019 Single $15,000 $14,600 $13,850...
More than half of the population, one figure has it at 65% uses the standard deduction. I would guess that it is most likely because the short form is easier, faster, and a whole lot less of a headache, and not because there is nothing to itemize. ...
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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 ...
Standard Tax Deductions in 2024 and 2025 Since the passage of theTax Cuts and Jobs Act of 2017 (TCJA), the standard deduction has increased over the years to help keep pace with rising prices, orinflation. Below are the standard deductions for tax years 2024 and 2025, depending on taxfilin...
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...