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The IRS again raised its standard deduction. For the 2024 tax year, ... Heads of households will see a $21,900 standard deduction, which is a $1,100 jump from 2023.
The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year. The standard deduction for single taxpayers will be ...
The standard deduction is a dollar-for-dollar reduction of your taxable income. Nearly all taxpayers are entitled to this deduction. ... The standard deduction amounts for tax year 2024 are as ...
The standard deduction will also increase in 2024, rising to $29,200 for married couples filing jointly, up from $27,700 in 2023. Single filers may claim $14,600, an increase from $13,850.
The standard deduction for 2024 is $14,600 for individuals and $29,200 for married couples filing jointly. What is the standard deduction for seniors? People over 65 qualify for an additional ...
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
December 24, 2024 at 10:01 AM. Luke Chan / iStock/Getty Images. ... The amount of the standard deduction changes to account for inflation and depends on your filing status, age, and whether you ...
Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly