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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 ...
The standard deduction climbs to $30,000 — up $800 from 2024 — for married couples filing jointly. For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 ...
For married couples filing jointly, it will rise to $29,200 for 2024, up from $27,700 in 2023. Those filing as heads of household will see their standard deduction increase to $21,900 for 2024, up ...
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).
If all itemized deductions are added up and it is less than the standard deduction, the standard deduction is taken. In 2007 this was $5,350 for those filing individually and $10,700 for married filing jointly. Personal exemption is a tax exemption in which the taxpayer may deduct an amount from their gross income for each dependent they claim ...
The standard deduction is rising 6.9% or 7.2%, depending on filing status, while the Earned Income Tax Credit amount will increase by 7.1%, the Internal Revenue Service announced this week.
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 ...
Married filing jointly, under 65 (both spouses): $29,200 Married filing jointly, 65 or older (one spouse): $30,750 Married filing jointly, 65 or older (both spouses): $32,300