2024 Tax Standard Deduction Amount. The additional standard deduction for the aged or the blind will be $1,550. How does the standard deduction work?
When the 2017 tax cuts and jobs act nearly doubled the standard deduction in 2018, many taxpayers stopped itemizing on their returns. The next dollar you earn is taxed at 22%.
The 2024 Standard Deduction Amounts Are As Follows:
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;
In Tax Year 2024, The Standard Deductions Are As Follows:
For 2024, the additional standard deduction amount for the aged or the blind is $1,550.
2024 Tax Standard Deduction Amount Images References :
Your Effective Tax Rate Is Just Over 12% But You Are In The 22% Tax Bracket.
The standard deduction is a flat deduction.
The Federal Income Tax Has Seven Tax Rates In 2024:
The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.
