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What Is Standard Deduction? The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill.
The standard deduction is a predetermined amount that you can subtract from your AGI without having to prove anything to the IRS.
Not sure if taking the standard deduction is right for you? Read on for more about how the standard deduction works and how it compares to itemizing.
The standard deduction is a flat dollar amount set by the IRS based on your filing status. It’s the simplest way to reduce your taxable income on your tax return.
The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.
Standard Deduction Amounts. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.
Your standard deduction depends on your filing status, age and whether a taxpayer is blind. Learn how it affects your taxable income and any limits on claiming it.
The standard deduction reduces a taxpayer’s taxable income. It ensures that only households with income above certain thresholds will owe any income tax. Taxpayers can claim a standard deduction when filing their tax returns, thereby reducing their taxable income and the taxes they owe.
The standard deduction is adjusted annually for inflation. So, the standard deduction amount for the different filing statuses changes slightly each year.