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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).
In tax adjustments announced last year, for example, the IRS raised single filers’ standard deduction by $750 between the 2023 and 2024 tax years — and by $1,500 and $1,100 for married couples ...
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 − ...
The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year. The standard deduction for single taxpayers will be ...
Single taxpayer making $40,000 gross income, no children, under 65 and not blind, taking standard deduction; $40,000 gross income – $6,350 standard deduction – $4,050 personal exemption = $29,600 taxable income amount in the first income bracket = $9,325; taxation of the amount in the first income bracket = $9,325 × 10% = $932.50
The standard deduction will go up for 2025 tax returns by $400 from 2024 for ... adjustments for standard deductions, marginal tax rates, earned income tax credits, adoption credits and more for ...
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