How to Claim the Standard Deduction on Your Taxes
Understand how to properly calculate and claim the standard deduction, a straightforward way to reduce your taxable income when filing your return.
The standard deduction is a fixed-dollar amount that individuals can subtract from their adjusted gross income (AGI). This reduces the total income on which they are taxed. The Internal Revenue Service (IRS) provides this option as a simplified alternative to itemizing deductions, which involves tallying up various individual expenses like mortgage interest and charitable donations. It allows taxpayers to receive a tax benefit without the need for detailed record-keeping of specific deductible expenses throughout the year.
Determining Your Standard Deduction Amount
The amount of your standard deduction is primarily based on your filing status, with additional amounts available for individuals who are age 65 or older or legally blind. For the 2024 tax year, the returns you will file in early 2025, the base standard deduction for a Single filer or someone Married Filing Separately is $14,600. For Head of Household filers, the amount is $21,900, and for those who are Married Filing Jointly or a Qualifying Surviving Spouse, the deduction is $29,200. These figures are adjusted annually by the IRS for inflation.
Beyond the base amounts, the tax code provides for a higher standard deduction for older Americans and those with vision impairments. If you are single or file as head of household, you can increase your standard deduction by $1,950 if you are age 65 or older or if you are blind. If you are both 65 or older and blind, you can add this amount twice for a total increase of $3,900. For those who are married, the additional amount is $1,550 for each condition that applies to either spouse.
To calculate your total standard deduction, you combine the base amount for your filing status with any additional amounts you qualify for. For instance, a single individual who is 67 years old would start with the base deduction of $14,600 and add $1,950 for age, resulting in a total standard deduction of $16,550. A married couple filing jointly where one spouse is 70 and the other is 66 and blind would start with their $29,200 base deduction and add $1,550 three times for a total deduction of $33,850.
There are special rules for individuals who can be claimed as a dependent on another person’s tax return. For 2024, a dependent’s standard deduction is limited. It cannot exceed the greater of $1,300 or their total earned income plus $450. However, this amount cannot be more than the basic standard deduction for their specific filing status.
Eligibility Requirements for the Standard Deduction
While the majority of taxpayers can use the standard deduction, certain rules can make an individual ineligible. The most common restriction applies to married couples who choose to file separate tax returns. If one spouse decides to itemize their deductions on their return, the other spouse is not permitted to claim the standard deduction and must also itemize.
Several other specific circumstances prevent a taxpayer from claiming the standard deduction. A nonresident alien or a dual-status alien is ineligible. Another situation that disqualifies a taxpayer is filing a return for a short tax year, which is a period of less than 12 months. Individuals who file such a short-period return are required to itemize their deductions. Estates, trusts, common trust funds, and partnerships are also not eligible to claim the standard deduction.
Locating and Reporting on Your Tax Return
Once you have determined your correct standard deduction amount and confirmed your eligibility, you will report this figure on your federal income tax return. For most filers, this means using Form 1040, where the standard deduction is claimed on Line 12. If you are age 65 or older, you can use Form 1040-SR, which also reports the standard deduction on Line 12. Both forms include checkboxes near the top of the first page to indicate if you or your spouse are age 65 or older or blind, which serves as a prompt to claim the higher deduction amount. Tax preparation software will calculate this for you automatically based on the personal information you provide.