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Health or Dependent Care Flexible Spending Account. ... The standard deduction amounts for tax year 2024 are as follows: Single filers: $14,600. Married filing separately: $14,600.
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).
Tax Credits: If your parents are unable to take care of themselves and you pay someone to take care of them while you’re at work, you likely qualify for the dependent care tax credit. The ...
The maximum amount you can claim for tax year 2024 is $3,000 for one person, or $6,000 for two or more people. For tax year 2021, during the pandemic, the credit was increased significantly.
The Tax Cuts and Jobs Act of 2017 eliminates personal exemptions for tax years 2018 through 2025. The exemption is composed of personal exemptions for the individual taxpayer and, as appropriate, the taxpayer's spouse and dependents, as provided in Internal Revenue Code at 26 U.S.C. § 151.
The Tuition and Fees Deduction was phased out, ... 2024 at 4:53 PM. skynesher / Getty Images. ... If your student is living at home or is claimed as a dependent on your tax return, ...
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