What Are the Current Standard Deduction Amounts?

The standard deduction is a specific dollar amount you can subtract from your adjusted gross income (AGI), which reduces the amount of your income subject to federal tax. Its purpose is to simplify tax filing by providing a benefit without requiring taxpayers to keep detailed records of expenses.

Standard Deduction Amounts for 2024

The Internal Revenue Service (IRS) adjusts standard deduction amounts for inflation annually. For the 2024 tax year, for which you will file your tax return in early 2025, the amount you can claim depends on your filing status.

For those using the Single or Married Filing Separately status, the 2024 standard deduction is $14,600. The Married Filing Jointly status, used by couples who file one return together, has a standard deduction of $29,200. This also applies to a Qualifying Widow(er), who can use joint return rates for two years after a spouse’s death if they have a dependent child. The Head of Household status, for unmarried individuals who pay more than half the costs of keeping up a home for a qualifying person, has a deduction of $21,900.

Increased Deduction for Age or Blindness

Taxpayers who are age 65 or older or are legally blind can claim a higher standard deduction. The increase is a specific dollar figure added directly to the base standard deduction amount for your filing status. A person is considered to have reached age 65 on the day before their 65th birthday for tax purposes.

For the 2024 tax year, the additional amount depends on your filing status. If you file as Single or Head of Household, you can increase your standard deduction by $1,950 for being 65 or older, and by another $1,950 for being legally blind. A single individual who is both over 65 and blind can add a total of $3,900 to their base deduction.

For those who are Married Filing Jointly, Married Filing Separately, or a Qualifying Widow(er), the additional amount is $1,550 for each condition. These amounts can stack for married couples. For example, if a married couple files jointly and both spouses are over 65, their standard deduction increases by $3,100 ($1,550 for each person). If one of those spouses is also blind, they would add another $1,550, for a total increase of $4,650 to their base $29,200 deduction, bringing their total standard deduction to $33,850.

Standard Deduction for Dependents

The rules for the standard deduction are different for individuals who can be claimed as a dependent on someone else’s tax return. Their standard deduction is limited to prevent a double tax benefit, as the person claiming them as a dependent already receives a tax benefit. For 2024, a dependent’s standard deduction is the greater of two amounts: $1,300, or their total earned income for the year plus $450. This calculated amount cannot be more than the regular standard deduction for their filing status, which is $14,600 for a single filer.

Earned income includes wages, salaries, tips, and other amounts received as pay for work. Consider a student claimed as a dependent by their parents who earned $4,000 from a part-time job. Their earned income plus $450 equals $4,450. Since $4,450 is greater than $1,300, their standard deduction for 2024 would be $4,450. If that same student only had unearned income, such as from investments, their standard deduction would be limited to the $1,300 amount.

Choosing Between the Standard Deduction and Itemizing

Taxpayers have a choice between taking the standard deduction or itemizing deductions, which involves listing specific deductible expenses on Schedule A of Form 1040. If the total of your itemized deductions is greater than your standard deduction amount, you will likely save money by itemizing.

Common itemized deductions include:

• Interest paid on a home mortgage for up to $750,000 of acquisition debt
• State and local taxes (SALT), capped at $10,000 per household per year
• Charitable contributions made to qualified organizations
• Medical expenses that exceed 7.5% of your adjusted gross income

While most taxpayers can choose, some are required to itemize. For instance, if you are married and file a separate return, you must itemize if your spouse itemizes. Nonresident aliens are also ineligible for the standard deduction.