Standard Deduction 2024 Amounts Are Here (2024)

The IRS has released the 2024 standard deduction amounts that you'll use for your 2025 tax return. Knowing the standard deduction amount for your filing status can help you determine whether you should take the standard deduction or itemize your deductions.

The IRS adjusts these amounts for each filing status every year. And since these adjustments are based on inflation, standard deduction amounts are higher for 2024 than they were last year.

For information on the current standard deduction, see: What's the 2023 Standard Deduction?

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How much is the standard deduction for 2024? (Returns normally filed in 2025)

Standard deduction amounts increased between $750 and $1,500 from 2023. Here are the amounts for 2024.

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Married Filing Jointly and Surviving Spouses$29,200Increase of $1,500 from the 2023 amount
Single and Married Filing Separately$14,600Increase of $750 from the 2023 amount
Heads of Household$21,900Increase of $1,100 from the 2023 amount

Standard deduction 2024 over 65

Taxpayers 65 and older and those who are blind can claim an additional standard deduction. The additional standard deduction amount for 2024 is $1,550 ($1,950 if unmarried and not a surviving spouse).

Eligible taxpayers can add the additional standard deduction to the regular standard deduction for their filing status. That means a single taxpayer 65 or older (or who is blind) can claim a total standard deduction of $16,550 on their 2024 federal tax return.

For more information on how the additional deduction works, see: The Extra Standard Deduction for People 65 or Older

Standard deduction if you are claimed as a dependent

The standard deduction rules are different if you can be claimed as a dependent on a federal tax return. For 2024, the standard deduction for dependents is limited to either $1,300 or the sum of $450 and the dependent's earned income, whichever is greater.

Note: The standard deduction for dependents cannot exceed the regular standard deduction for your filing status, even if your earned income is higher than the basic standard deduction amount.

New tax brackets

Along with the new standard deduction amounts for 2024, the IRS also released new 2024 federal income tax brackets. Those brackets are the ones you'll use when you file your 2024 taxes in early 2025.

For more information, see: 2024 Income Tax Brackets Are Set.

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Standard Deduction 2024 Amounts Are Here (2)

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Standard Deduction 2024 Amounts Are Here (2024)


What are the standard deductions for 2024? ›

In 2024, the standard deduction is $14,600 for single filers and those married filing separately, $29,200 for those married filing jointly, and $21,900 for heads of household. The 2024 standard deduction applies to tax returns filed in 2025. $29,200. $21,900.

Why am I not getting the full standard deduction? ›

In general, the standard deduction is adjusted each year for inflation and varies according to your filing status, whether you're 65 or older and/or blind, and whether another taxpayer can claim you as a dependent. The standard deduction isn't available to certain taxpayers.

How to figure estimated taxes for 2024? ›

Estimate based on prior-year taxes. You can estimate the amount you'll owe for the year, then send one-fourth of that to the IRS. For instance, if you think you'll owe $10,000 for 2024, you'd send $2,500 each quarter.

How much standard deduction should I claim? ›

For the 2023 tax year, which is filed in early 2024, the federal standard deduction for single filers and married folks filing separately was $14,600. It's $29,200 if you're a surviving spouse or you're married and you're filing jointly. If you're the head of your household, it's $21,900.

What is the standard deduction for 2024 married jointly? ›

Table 2. 2024 Standard Deduction
Filing StatusDeduction Amount
Married Filing Jointly$29,200
Head of Household$21,900
Additional Amount for Married Seniors$1,550
2 more rows
Nov 9, 2023

What is the standard deduction for 2024 married filing jointly over 65? ›

There's even more good news for older taxpayers. Each joint filer 65 and over can increase the standard deduction by $1,550 apiece, for a total of $3,100 if both joint filers are 65-plus. In total, a married couple 65 or older would have a standard deduction of $32,300.

How does standard deduction work for dummies? ›

The standard deduction is a specific dollar amount that reduces the amount of taxable income. The standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness. In general, the IRS adjusts the standard deduction each year for inflation.

Do seniors get a larger standard deduction? ›

If you don't itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered age 65 at the end of the year if your 65th birthday is on or before January 1 of the following year. Credit for the elderly or the disabled.

Why is my tax return so low in 2024? ›

You may be in line for a smaller tax refund this year if your income rose in 2023. Earning a lot of interest in a bank account could also lead to a smaller refund. A smaller refund isn't necessarily terrible, since it means you got paid sooner rather than loaning the IRS money for no good reason.

Do I have to pay estimated taxes in 2024? ›

Generally, you must make estimated tax payments if you expect to owe at least $500 ($250 if married/RDP filing separately) in tax for 2024 (after subtracting withholding and credits) and you expect your withholding and credits to be less than the smaller of: 90% of the tax shown on your 2024 tax return; or.

What is the 90% rule for estimated taxes? ›

Estimated tax payment safe harbor details

The IRS will not charge you an underpayment penalty if: You pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year, or.

Is the standard deduction enough? ›

For the vast majority of tax filers, the standard deduction is the way to go. “Generally, taxpayers whose total itemized deductions are less than the standard deduction (based on their filing status) will benefit from taking the standard deduction.

At what age is social security no longer taxed? ›

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

How does the IRS determine the standard deduction? ›

The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill. The IRS adjusts the standard deduction each year for inflation. The amount of your standard deduction is based on your filing status, age, and other criteria.

Did tax brackets change for 2024? ›

As the new year kicks off, some workers could see a slightly bigger paycheck due to tax bracket changes from the IRS. The IRS in November unveiled the federal income tax brackets for 2024, with earnings thresholds for each tier adjusting by about 5.4% higher for inflation.

What happens to the standard deduction after 2025? ›

All of the individual tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of 2025. Among the changes: Individual income tax rates will revert to their 2017 levels. The standard deduction will be cut roughly in half, the personal exemption will return while the child tax credit (CTC) will be cut.

Did federal withholding change for 2024? ›

Your new year paycheck might have different withholding amounts for federal taxes. Effective Jan 1 2024, IRS has updated the federal tax brackets. The rates remain at 0%, 10%, 12%, 22%, 24%, 32%, 35%, or 37% but the ranges have been adjusted for inflation.

Will tax refunds be bigger in 2024? ›

So far in 2024, the average federal income tax refund is $2,850, an increase of 3.5% from 2023. It's not entirely unexpected: To adjust for inflation, the IRS raised both the standard deduction and tax brackets by about 7%.

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