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But if you took a standard deduction when you filed your 2024 taxes and received a state refund, that refund is not taxable when you file your 2025 taxes. ... Form 1040 and Schedule A if you ...
Farmers can use Schedule F (Form 1040). Other eligible individuals should use Form 2106. ... The standard deduction amounts for tax year 2024 are as follows: Single filers: $14,600.
For tax year 2024, the standard deduction is $14,600 for single filers and married individuals filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly.
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, a key consideration for many taxpayers, will see a boost in 2024. For married couples filing jointly, the standard deduction elevates to $29,200, marking a rise from the ...
If the taxpayer is otherwise eligible to file a shorter tax form such as 1040EZ or 1040A, he or she would prefer not to prepare (or pay to prepare) the more complicated Form 1040 and the associated Schedule A for itemized deductions. The standard deduction is not allowed for calculating the alternative minimum tax (AMT). If the taxpayer claims ...