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For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. And heads of households will get a $22,500 standard deduction, up $600 from 2024.
The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 − for single taxpayers and married people filing separately.. The standard deduction climbs to $30,000 − ...
The standard deduction will go up for 2025 tax returns by $400 from 2024 for single taxpayers and married individuals filing separately. ... 24% for incomes over $103,350 ($206,700 for married ...
The IRS noted that for the head of household, the standard deduction went up $1,100, totaling to $21,900. Here are other changes to keep in mind during tax season. IRS tax rates for tax year 2024
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).
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 ...
Irs Sets New Tax Brackets, Raises Standard Deduction For 2025. ... It's also maintaining the IRA catch-up contribution limit for individuals aged 50 and over at $1,000 for 2025.
New IRS tax brackets for 2025. The IRS has raised the income thresholds for tax brackets by about 2.8% from 2024, CBS News reports. The agency also increased the standard deduction to $15,000 for ...