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The standard deduction rate last year was $13,850 for an individual, and $27,700 for a married couple. Jenkin says around 90% of tax payers are going to end up using the standard deduction.
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).
The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 — for single taxpayers and married individuals filing separately. The standard deduction climbs to $30,000 ...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
Standard deduction: This is the same deduction as marred filing jointly. A qualifying widow(er) is eligible for a $25,100 deduction for the 2021 tax year and a $25,900 deduction for the 2022 tax year.
Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly
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