Single$15,000 Head of household$22,500 Married filing jointly$30,000 Qualifying surviving spouse$30,000 Married filing separately$15,000 Standard deduction vs. itemized deductions Generally, you want to claim the standard deduction if it’s a higher amount than the sum of all of youritemized ...
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 ...
It might seem easier to take the standard deduction rather than itemize your deductions, but you should weigh this question carefully. TurboTax May 1, 2024 11:51 AM EDTStart Conversation Key takeaways Claiming the standard deduction is easier, because you don’t have to keep track of expenses...
Deciding between the standard deduction vs itemized deductions? Weigh the benefits by considering factors like charitable donations, medical costs, and mortgage interest.
Itemized Deductions: Mortgage Interest: $6,000 Property Taxes: $4,500 Charitable Donations: $1,200 Medical Expenses: $1,000 Total Itemized Deductions: $6,000 + $4,500 + $1,200 + $1,000 = $12,700. Comparison: Standard Deduction for Single: updated each year, see thecurrent year stan...
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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. You should absolutely itemize your deductions and save money if your standard deduction is less than your ac...
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. ...
For tax year 2024, the standard deductions were $14,600, $29,200, and $21,900, respectively.6 The Bottom Line A deduction reduces taxable income, lowering the amount of taxes you owe. The IRS allows various deductions, including those for mortgage interest, retirement contributions, and medic...
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...