Standard Deduction 2024 Irs. Page last reviewed or updated: The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.
See the tax rates for the 2024 tax year. You can use the 2023 standard deduction tables near the end of this publication to figure your standard deduction.
Standard Deduction Amounts (2024) Kelly Phillips Erb Also, For 2024, It's Predicted That The Standard Deduction For An Individual Who May Be Claimed As A Dependent By Another Taxpayer Will Not Be.
Page last reviewed or updated:
You Will Pay 10 Percent On Taxable Income Up To $11,600, 12 Percent On The Amount Over $11,600 To $47,150, And 22 Percent Above That (Up To $100,525).
The amount of the standard deduction is adjusted every year to account for inflation.
Seniors Over Age 65 May Claim An Additional Standard Deduction Of $1,950 For Single Filers And $1,550 For Joint Filers.
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$21,900 For Heads Of Households.
People should understand which credits and deductions they can claim and the records they need to show their eligibility.
The Standard Tax Deduction Is A Set Amount That Taxpayers Are Automatically Allowed To Deduct From Their Taxable Income, Thus Lowering Their Total Tax Owed.
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;
The Standard Deduction For Taxpayers Who Don't Itemize Their Deductions On Schedule A (Form 1040) Is Higher For 2023 Than It Was For 2022.