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The standard deduction for 2025 has increased from $14,600 for individuals and $29,200 for joint filers in 2024. Here are additional 2025 standard deductions for those over 65 ... of age or income ...
A married couple of two 65+ adults would take a total deduction of $27,700 (standard deduction) plus $1,500 for one 65+ adult plus $1,500 for second 65+ adult — a total of $30,700.
The standard deduction for 2024 is $14,600 for individuals and $29,200 for married couples filing jointly. What is the standard deduction for seniors? People over 65 qualify for an additional ...
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 may be higher than the basic standard deduction if any of the following conditions are met: The taxpayer is 65 years of age or older. [22] The taxpayer's spouse is 65 years of age or older. [23]
For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.
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 for married couples filing jointly jumped $1,500 to $29,200. For single taxpayers and married individuals filing separately, the standard deduction is now $14,600, a $750 ...