WebApr 23, 2024 · You can claim the standard deduction vs. itemize deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. ... For married filing jointly or qualifying widow(er) — $25,900; For head of household — $19,400; Your standard deduction increases if you’re blind or age 65 or older. It increases by ... WebApr 12, 2024 · Taxpayers ages 65 and older qualify for an increased standard deduction, which will reduce their taxable income and overall tax liability, said Brad Paladini, tax attorney and owner of Paladini ...
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WebMar 13, 2024 · For 2024 federal income tax returns, which will be due April 18, 2024, the standard deduction amounts are as follows: If you're at least 65 years old or blind, you can claim an additional 2024... WebFeb 16, 2024 · For tax year 2024, the standard deduction amounts are: Single: $12,950 Married filing separately: $12,950 Head of household: $19,400 Married filing jointly: $25,900 Qualifying widow (er): $25,900 For some families, these higher standard deductions offset the loss of exemptions. breathitt county court clerk
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WebMar 6, 2024 · The standard deduction basically is a flat-dollar, no-questions-asked reduction in your adjusted gross income (AGI). The amount you qualify for depends on your filing status. You can learn... WebApr 3, 2024 · For 2024, the standard deduction is $12,950 for single tax filers, $25,900 for married filing jointly, $12,950 for married filing separately, and $19,400 for head of household. 4 It seems like a no-brainer to take the standard deduction. Web2 days ago · The standard deduction gets adjusted regularly for inflation. For 2024, the deduction is worth: $27,700 if your tax-filing status is married filing jointly or surviving … breathitt county court docket