What’s the Standard Deduction for Married Filing Jointly?
Understand the standard deduction for married couples and when itemizing expenses might be a better tax strategy to lower your taxable income.
The standard deduction is a specific dollar amount that you can subtract from your adjusted gross income (AGI), which lowers the amount of your income subject to federal income tax. It is a simplified way to account for various personal expenses without needing to track each one individually. The Internal Revenue Service (IRS) provides this option to streamline tax filing and adjusts the amount periodically for inflation.
Standard Deduction Amount for Married Filing Jointly
For married couples filing their federal income tax return together, the standard deduction is a significant figure. For the 2024 tax year, the standard deduction for the married filing jointly status is $29,200. The IRS has announced this amount will increase to $30,000 for the 2025 tax year.
Additional Standard Deduction Amounts
Certain taxpayers can claim a higher standard deduction. The tax code provides an increased deduction for individuals who are age 65 or older, or who are legally blind. For the 2024 tax year, the additional amount for a married individual is $1,550 for each condition, increasing to $1,600 for 2025.
These amounts are calculated per person and per condition. For instance, if one spouse is over 65, their 2024 deduction becomes $30,750 ($29,200 + $1,550). If both spouses are over 65, they add $3,100 ($1,550 x 2).
Deciding Between Standard and Itemized Deductions
Taxpayers have a choice between taking the standard deduction or itemizing their deductions. Itemizing involves summing up specific, eligible expenses to calculate a total deduction amount. If this total is greater than your standard deduction, you will generally lower your tax bill by itemizing.
Common itemized deductions include interest paid on a home mortgage for up to $750,000 of debt, and state and local taxes (SALT). The SALT deduction, which includes property taxes plus either state income or sales taxes, is capped at $10,000 per household per year.
Other potential itemized deductions include charitable contributions made to qualified organizations and medical expenses. For medical expenses, only the amount that exceeds 7.5% of your adjusted gross income can be deducted. For example, if a couple’s AGI is $100,000, they could only deduct medical expenses that are over the $7,500 threshold.
Who Cannot Take the Standard Deduction
While most taxpayers can use the standard deduction, there are specific situations where it is not allowed. A married individual filing a separate return cannot take the standard deduction if their spouse chooses to itemize deductions. In this case, both spouses must either itemize or take the standard deduction.
The standard deduction is also generally unavailable to individuals who were nonresident aliens or dual-status aliens during the tax year, although some exceptions can apply. Taxpayers who file a return for a period of less than 12 months due to a change in their accounting period are also typically ineligible.