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)