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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 − ...
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 is higher for 2024 tax returns. ... 22%, 24%, 32%, 35% and 37%. While those income tax rates didn’t change for 2024, the income thresholds have widened. That means, for ...
If you’re a single taxpayer or married but filing separately for the 2025 tax year, the standard deduction rises to $15,000 for 2025, an increase of $400 from 2024
The standard deduction will go up for 2025 tax returns by $400 from 2024 for single taxpayers and married individuals filing separately. ... earned income tax credits, adoption credits and more ...
What’s the standard deduction for the 2024 tax year? The standard deduction for married couples filing jointly jumped $1,500 to $29,200. For single taxpayers and married individuals filing ...