Standard Deduction

The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has increased. The standard deduction amounts for 2024 are:

• $29,200 – Married Filing Jointly or Qualifying Surviving Spouse (increase of $1,500)
• $21,900 – Head of Household (increase of $1,100)
• $14,600 – Single or Married Filing Separately (increase of $750)

Taxpayers who are 65 and Older or are Blind

For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:

• $1,950 for Single or Head of Household (increase of $100)
• $1,550 for married taxpayers or Qualifying Surviving Spouse (increase of $50)

Dependents

For 2024, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $1,300, or (2) the sum of $450 and the individual's earned income.