These amounts are provided in the chart below. The irs adjusts the standard deduction.
The standard deduction in 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households. The standard deduction is increasing by more than 5% for 2024 income tax returns, which will be filed in 2025.
You Can Claim A Standard Deduction To Reduce Your Taxable Income As Well As An Additional Deduction If You Are Age 65 Or Older And/Or Blind.
The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
The Standard Deduction Is Increasing By More Than 5% For 2024 Income Tax Returns, Which Will Be Filed In 2025.
For 2024 (tax returns typically filed in april 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately;
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Taxpayers Who Are 65 And Older, Or Are Blind, Are Eligible For An Additional.
For 2024, the baseline amount for those claimed as a dependent, increases to $1,300 and the standard deduction increase to $14,600 for those filing as single.
Here Are The Standard Deduction Amounts For The 2023 Tax Returns That Will Be Filed In 2024.
You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.