That law almost doubled the standard deduction and reduced the itemized deductions available to taxpayers.2024 standard deduction amountsHere is the standard deduction by filing status for 2024, for returns filed in 2025.Filing status2024 standard deduction amount Single $14,600 Head of household $...
For 2023, the standard deduction numbers to beat are: Single taxpayers: $13,850 Married taxpayers filing a joint return: $27,700 Heads of household: $20,800 Those are the numbers for most people, but some get even higher standard deductions. If you're 65 or older or blind or both, yo...
These are the standard deduction amounts for each filing status for tax years 2022 and 2023:1 Filing Status 2022 Deductions 2023 Deductions Single $12,950 $13,850 Head of Household $19,400 $20,800 Married Filing Jointly $25,900 $27,700 Married Filing Separately $12,950 $13,850 ...
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...
The current standard deductions are a significant upgrade from levels before the Tax Cuts and Jobs Act was passed. For example, in the 2017 tax year, the standard deduction was $6,350 for single filers and $12,700 for married people filing jointly.8 ...
TurboTax Canada Products for previous tax years $0 Mobile App Offer Early Tax Refunds Tax & Online Software Products Free Edition tax filing Deluxe to maximize tax deductions TurboTax self-employed & investor taxes Free military tax filing discount ...
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
And if you itemize, you should hang onto records supporting your deductions in case the IRS decides to audit you. » MORE: Estimate your refund or bill with our free tax calculator Standard deduction 2024 The standard deduction for 2024 (tax returns filed in 2025) is $14,600 for single ...
Standard Deduction for Health Insurance Standard Deductions Standard Deductions Standard Default Assumption Standard Defence Supply System Standard definition Standard Definition High Capacity Standard definition television Standard Delay File Standard Delay Format Standard Delivery Date Standard Delivery Element Standa...
year, those figures rise to $30,000 for couples, $22,500 for heads of household and $15,000 for single individuals. The standard deduction is slightly higher if you are elderly or blind. You take the standard deduction if it’s greater than the sum of your various itemized deductions. ...