The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. The Tax Cuts and Jobs Act (TCJA) nearly doubled the standard deduction for those who don’t itemize deductions. The amounts are indexed annually for inflation through 2025, after which they’re scheduled to drop back to the amounts under pre-TCJA law. For 2024, the standard deduction will be $29,200 (for married joint filers), $21,900 (for heads of households), and $14,600 (for singles and married couples filing separately). Taxpayers who are age 65 or older or blind can claim an additional standard deduction: For 2024 the amount is $1,950 ($1,550 if married). Contact us with questions. © 2023
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