For tax year 2024, for example, the standard deduction for those filing as married filing jointly is $29,200. That deduction applies to income earned in 2024, which is reported to the IRS on the return you’ll file in 2025.When to claim the standard deduction...
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...
For 2024, the Standard Deduction numbers to beat are: Single and Married Filing Separately taxpayers: $14,600 Married Filing Jointly taxpayers: $29,200 those file as Head of Household: $21,900 Those are the numbers for most people, but some get an even higher Standard Deduction. If...
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. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for ...
Filing Status 2022 Tax Payers 2023 Tax Payers Single $12,950 $13,850 Married, filing jointly $25,900 $27,700 Married, filing separately $12,950 $13,850 Head of household $19,400 $20,800 For 2023 (taxes filed in 2024), the standard deduction will increase to $27,700 for married cou...
Standard Deduction for Single: updated each year, see thecurrent year standard deduction. Itemized Deductions: $12,700. In this case, the standard deduction is higher than the total itemized deductions of $12,700, so it would be more beneficial to claim the standard deduction. For most people...
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 ...
THANKS TO THE 2017tax law, the standard deduction is roughly double the old level. In 2024, it’s $29,200 if your tax-filing status is married filing jointly, $21,900 for heads of household and $14,600 for single individuals. For 2025’s tax year, those figures rise to $30,000 fo...
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 standard tax deduction for single filers is $13,850 in 2023. This is the same for married individuals filing separately. For those married and filing jointly, the deduction is $27,700 in 2023. For heads of households, it is $20,800 in 2023.7 For tax year 2024, the standard deductio...