For 2023 taxes, due in april 2024, the standard deduction is $13,850 for single filers and those who are married filing separately. Single or married filing separately—$14,600.
You don’t pay federal income tax on every dollar of your income. For 2024, the additional standard deduction amount for the aged or the blind is $1,550.
The 2024 Standard Deduction Amounts Are As Follows:
Single or married filing separately:
Seniors Over Age 65 May Claim An Additional Standard Deduction.
For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married.
Images References :
Each Year, The Irs Adjusts Standard Deduction Amounts For Inflation (Similar To Its Tax Rate Brackets, Maximum 401K.
Single or married filing separately:
A Deduction Reduces The Amount Of A Taxpayer's Income That's Subject To Tax, Generally Reducing The Amount Of Tax The Individual May Have To Pay.