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Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
Most taxpayers opt for the standard deduction vs. itemizing. The standard deduction will increase to the following amounts in 2025: Single filers: $15,000. Heads of household: $22,500. Married ...
Here are the current standard deduction amounts for 2024, for returns filed in 2025: Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household.
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).
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 ...
The 2017 Tax Cuts and Jobs Act changed the rules when it comes to standard vs. itemized deductions by nearly doubling the standard deduction and eliminating or cutting back many itemized ...
According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and ...
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 ...