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The federal standard deduction for tax year 2023 is: $13,850 for single taxpayers and married taxpayers filing separate returns. $20,800 for heads of household. $27,700 for married taxpayers ...
For married couples filing jointly for tax year 2024, the deduction increased to $29,200, up $1,500 from tax year 2023, the IRS said. The IRS noted that for the head of household, the standard ...
Married couple, ages 78 and 80, one of whom is blind $27,700 + $1,500 + $1,500 + $1,500 = $32,200 Dependent who earns $200 in 2023 $1,250 (minimum standard deduction for dependents) Dependent who earns $6,000 in 2023 $6,000 + $400 = $6,400 Dependent who earns $18,000 in 2023 $13,850 (maximum standard deduction for single filing status in 2023)
For tax year 2023 (which are due in 2024) if a couple files taxes jointly, their standard deduction would be $27,700. This would drop to $13,850 each if they opt for married filing separately status.
Standard Deductions for 2024 Tax Year Standard deductions are also increasing, according to the IRS. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200 ...
Nearly all taxpayers are entitled to this deduction. The standard deduction amounts for tax year 2024 are as follows: Single filers: $14,600. Married filing separately: $14,600. Married couple ...