IRS Standard Deduction 2024 for Single, Married, and Head Of Household!

IRS Standard Deduction 2024 for singles or married filing separately will be $14,600, $21,900 for head of household, and $29,200 for Married Filing Jointly & qualifying widowers. IRS Standard Deduction 2024 is determined through your filing status, whether you are filing as a dependent, and whether you are 65 or over or blind. 

IRS Standard Deduction 2024

The IRS has announced Standard Tax Deductions for the year of 2024 which will be utilised in the 2025 tax year return. This adjustment happened for taxpayers to not put higher tax brackets due to inflation. IRS Standard Deduction 2024 allows individuals to not pay federal taxes on their income as per their status. 

For example, the IRS Standard Deduction 2024 for married couples filing jointly is $29, 200 so they can deduct this amount to reduce their taxable income from federal tax. Taxpayers have two options to reduce their taxable income including itemized and standard deductions.

The itemized can be used when you can’t use standard deductions or your itemized deductions are higher than standard deductions. 

Who is eligible for IRS Standard Deduction 2024?

The eligibility criteria and non- eligibility criteria for IRS Standard Deduction 2024 is discussed below.

Eligibility Criteria 

  • Single filers, married couples filing jointly, widowers, and head of households are eligible for the standard deductions.
  • Those who are above 65 or blind, eligible for higher standard deductions. 
  • Taxpayers who claim as a dependent person by other taxpayers, your standard deduction is limited to the greater of $1,250 or your earned income plus $400, but not more than the basic standard deduction for your filing status. 

Non-Eligibility Criteria 

  • Those who choose itemized deductions cannot opt for standard deductions.
  • If your spouse itemize deductions and you are married and filing separately then you are not eligible for standard deductions.
  • Those who are considered as non-resident aliens and dual-status aliens are also not qualified for standard deductions.
  • If your filing status is as an estate, trust, or partnership, then you can’t qualify for standard deductions.
  • If you are filing tax for less than 12 months due to change in accounting, then you can’t opt for standard deductions. 

How much is the IRS Standard Deduction 2024?

The IRS Standard Deduction 2024 has been increased for all the statuses and below table will inform you about the rates of standard deductions for 2024 as well as 2023. 

Filing Status Standard Deductions 2024  Increase from 2023  Standard Deductions 2023
Single  $14,600 $750 $13,850
Married Filing Jointly & qualifying widowers $29,200 $1,500 $27,700
Married Filing Separately  $14,600 $750 $13,850
Head of Household  $21,900 $1,100 $20,800

The IRS also provides additional standard deductions for 65 or older or blind and there are specific rules for dependents. The Single or head of household additional standard deductions for 65 or over, or blind is $1,950 and for 65 or older and blind is $3,900. 

The Married filing jointly or separately and surviving spouse additional standard deductions for 65 or over, or blind is $1,550 and for 65 or older and blind is $3,100. Your standard deduction is limited to $1,300 or your earned income plus $450(no more than the basic standard deduction for tax filing according to your status) if you claim as a dependent on another taxpayer’s return. 

When can I utilise IRS Standard Deduction 2024?

The IRS Standard Deduction 2024 can be utilised when you will file taxes for the year 2025. You can use standard deductions 2024 until the usual tax return deadline which can be 15 April 2025 and extension deadline 15 October. 

Most taxpayers prefer Standard Deduction rather than itemized deductions because it’s easy. The Standard Deduction allows individuals to deduct higher tax free income to 65 or over or blind so they can easily manage their medical or other expenses. 

Why does the IRS adjust Standard Deductions every year?

The IRS Standard Deductions are adjusted every year to ensure that taxpayers are not treated inappropriately by asking them for higher tax brackets in the era of higher inflation and cost of living. Every year, there are many changes in inflation rates, economic conditions and tax brackets so the standard deductions rates are also changed to ease the burden of taxpayers. 

Taxpayers can save more federal tax on one this year than previous one because of an increase in IRS Standard Deductions 2024. This increase is announced by the IRS to maintain a fair tax system and the reduced taxable income can be utilised by taxpayers in other daily expenses.

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