What Is the Standard Tax Deduction for 2024?

The standard deduction is a specific dollar amount that taxpayers can subtract from their adjusted gross income (AGI), which reduces the total income on which you are taxed. Using the standard deduction simplifies filing an annual tax return for many individuals, providing a straightforward way to lower tax liability without tracking various expenses. The Internal Revenue Service (IRS) adjusts these deduction amounts annually for inflation. The simplicity of this method is a primary reason a large percentage of filers choose it each year.

2024 Standard Deduction Amounts

For the 2024 tax year, which covers returns filed in early 2025, the IRS has set specific standard deduction amounts based on filing status. For those who are Single or Married Filing Separately, the standard deduction is $14,600. A Head of Household, typically an unmarried person who pays more than half the costs of keeping up a home for a qualifying person, can claim a $21,900 deduction. For Married Filing Jointly and Qualifying Widow(er)s, the deduction is $29,200.

Additional Standard Deduction Amounts

Taxpayers who are age 65 or older or are legally blind are entitled to an additional amount on top of their base standard deduction. The value of this additional amount depends on the taxpayer’s filing status, and it is possible to claim more than one.

For 2024, a single or head of household filer can increase their deduction by $1,950 for being either age 65 or older or blind. If that individual is both over 65 and blind, they can add this amount twice for a total increase of $3,900. For those who are married or a qualifying surviving spouse, the additional amount is $1,550 for each condition. For example, if both spouses on a joint return are over 65, their standard deduction would increase by $3,100 ($1,550 for each person).

When You Cannot Use the Standard Deduction

Certain rules prevent some taxpayers from claiming the standard deduction, requiring them to itemize instead. One common situation involves married couples who file separate tax returns; if one spouse itemizes deductions, the other spouse must also itemize. Other rules also restrict its use. A nonresident alien or a dual-status alien during the tax year is generally ineligible to take the standard deduction. An individual who files a return for a period of less than 12 months because of a change in their annual accounting period is also prohibited from using it.

Deciding Between Standard and Itemized Deductions

Taxpayers have a choice between taking the standard deduction or itemizing deductions. Itemizing involves listing specific deductible expenses on Schedule A of Form 1040. Common itemized deductions include payments for state and local taxes (up to a $10,000 limit), home mortgage interest, medical and dental expenses that exceed 7.5% of AGI, and charitable contributions.

The decision comes down to a direct comparison of numbers. You should calculate the total of your potential itemized deductions for the year. Compare this sum to the standard deduction amount available for your filing status, including any additional amounts you may qualify for.

If your total itemized deductions are greater than your available standard deduction, you will likely benefit from itemizing. Choosing the larger of the two deductions lowers your taxable income by the greatest amount, reducing your overall tax liability. If your standard deduction is higher, or if the record-keeping for itemizing is not worth a small tax difference, then taking the standard deduction is the more advantageous path.