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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 ...
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 ...
If you have enough deductions to exceed the standard deduction for your filing status ($13,850 for taxes due in 2024 and $14,600 for 2025 tax filings), you can itemize those expenses to lower your ...
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.
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.
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