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The IRS has released the standard deduction amounts for the 2024-2025 tax year. Find the new rates and information on extra benefits for people over 65.

The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from 2023. The IRS also provides annual adjustments for other tax provisions, such as marginal rates, Alternative Minimum Tax, Earned Income Tax Credit, and more.

The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%.

Use the calculator below to determine your standard deduction amount for the 2024 tax year (taxes filed by April 2025). ... For the 2024 tax year, the standard deduction for dependents is $1,300 ...

Learn how the standard deduction can lower your taxable income and how it varies by filing status, age, and vision. See the updated amounts for 2024 and 2025, and compare them with previous years.

Find out the standard deduction amounts for different filing statuses in 2024, as well as other tax benefits and updates. See the table, the sources and the disclaimer for this information.

Increased Standard Deduction. The 2024 standard deduction is increased to $29,200 for married individuals filing a joint return; $21,900 for head-of-household filers; and $14,600 for all other taxpayers. If you are age 65 or older, you may increase your standard deduction by $1,950 if you file Single or Head of Household.

For tax returns filed in 2025 for the 2024 tax year, here are the standard deduction amounts: Single filers: $14,600 (up from $13,850 in tax year 2023) Married couples filing jointly: $29,200 (up ...

Standard Deduction Amounts. The 2024 standard deduction amounts are as follows:. Single or married filing separately: $14,600; Married filing jointly: $29,200; Head of household: $21,900; The additional standard deduction for people who have reached age 65 (or who are blind) is $1,550 for each married taxpayer or $1,950 for unmarried taxpayers.

For heads of households, the standard deduction will be $22,500 for the tax year 2025, an increase of $600 from the amount for the tax year 2024. Look to resources like the 2025 Tax Brackets and Federal Income Tax Rates | Tax Foundation report on taxfoundation.org for the most up-to-date numbers.

What Are the Standard Deduction Amounts for Tax Year 2024? The 2024 standard deductions are listed in detail below. Use these to plan your 2024 Taxes due in 2025 or start the free 2024 tax calculator to understand your next tax return. Start tax planning or adjust your tax withholding for next year.

The standard deduction for 2024 is $29,200 for married joint filers, $21,900 for heads of households, and $14,600 for single filers. The IRS also provides inflation adjustments for other tax provisions, such as income tax brackets, AMT exemption, section 179 expensing, and estate and gift taxes.

For the 2024 tax year the standard deduction for taxpayers under age 65 will be: $29,200 for those married filing jointly or surviving spouse; $21,900 for head of household; ... The AMT exemption amount for 2024 is $85,700 for singles and $133,3000 for married couples filing jointly. The 28% AMT rate applies to excess AMTI of $232,600 for all ...

The standard deduction is a fixed amount you can deduct from your taxable income that is adjusted every year to keep up with inflation. Eligibility is determined by your filing status, age, and dependency status. The 2024 standard deduction for single filers is $14,600. The 2024 standard deduction for married filing separately is $14,600.

“For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024,” The IRS tax inflation ...

Tax Deductions 2025 Standard Deduction: What You Need to Know ... The standard deduction is a set amount that the IRS lets you subtract from your taxable income. It lowers the amount of income you pay taxes on, which means you get to keep more in your pocket. ... 2024 Deduction; Single: $15,000: $14,600: Married Filing Jointly: $30,000: $29,200 ...

Standard Deduction vs. Itemized Deductions Standard Deduction. The standard deduction is a flat amount that taxpayers deduct from their AGI. How much you can get depends on your filing status. Here are the amounts for 2024 (the taxes you file in 2025): Single: $14,600; Married, filing jointly: $29,200; Married, filing separately: $14,600

Standard Deduction Amounts for 2024. For the 2024 tax year, the standard deduction amounts have been updated as follows: Single filers: $14,600; Married filing jointly: $29,200; Married filing separately: $14,600; Head of household: $21,900; These amounts reflect a modest increase from the 2023 figures due to inflation adjustments.

The total number of checked boxes determines the standard deduction amount. In 2024 (for returns filed in 2025), the extra standard deduction for a taxpayer who is 65 or older, or blind, and ...