The IRS adjusts the Standard Deduction for inflation each tax year. There are many factors involved in calculating your standard deduction such as your age, whether you are blind, whether another taxpayer can claim you as a dependent and many others. All of these factors, as well as tax filing status, are considered for the IRS Standard Deduction and the taxpayer must keep documents up to date to manage their tax bill.
Whenever you pay any tax, the deducted amount will be adjusted in the tax amount. The size of your IRS Standard Deduction will depend on your tax filing status. So if you want to know what is the IRS Standard Deduction for 2024 then read this article till the end.
IRS Standard Deduction 2024
If you’re filing Federal Taxes, you can choose between the Standard Deduction or Itemized Deductions. Both of these reduce your taxable income and can be adjusted with the new tax payment. Most taxpayers choose the IRS Standard Deduction which can reduce your tax burden even more than double your income.
As we take an example, if you have filed a single tax on your earnings of $75000 and while filing tax you choose a standard deduction of $12950 then it will reduce your taxable income to $62050. Both the IRS Standard and Itemization Deductions are simple but a taxpayer choosing the standard deduction is no more troublesome than the itemization deduction.
IRS Standard Deduction for 2024 – Overview
| Country | US |
| Article On | IRS Standard Deduction |
| Department | Internal Revenue Service (IRS) |
| Benefits | Reduce Taxable Income for the US Taxpayer |
| Available for | Residents of the US who are in the Income-tax Bracket |
| Category | Finance |
| Official Website | irs.gov |
IRS Deduction for the Year 2024
The IRS standard deduction rate may differ for single tax returns and couple tax returns. One must consider Internal Revenue Service regulations when selecting the IRS standard deduction. The standard deduction is also important for the taxpayer which reduces the burden of tax year if you want to understand better about the IRS standard deduction and itemized deduction then you can visit the IRS portal and get help from a finance expert there We can discuss this together. Information Below I have mentioned all the possible updates for you which you should know here if you are a US Government taxpayer.
How Does IRS Standard Deduction Work?
The IRS Standard Deduction applies to the amount of tax you’re paying for the tax year. This is done to reduce the taxable amount on your tax return. This means you are eligible to claim a flat dollar amount set by the IRS. The federal or state government has decided on a standard deduction on your annual earned income and it will provide you with some exemption in the taxable amount for which you have filed the income tax return.
Inflation and tax return status will be considered to give you the IRS Standard Deduction. It varies for all taxpayers depending on their annual income and tax returns filed for the year. There are many things considered when creating IRS standards and I have mentioned the details below for you.
When Can I Claim the IRS Standard Deduction?
Here is some eligibility defined by the IRS to claim the Standard Deduction which will depend on various factors. You should know the details that will be considered at the time of Standard Deduction.
- If you are a Married Individual,
- If You and Your Spouse File an ITR separately,
- If you are a partnership, has fund, or owned a real estate,
- If you have filed the Income Tax Return in fewer months, etc.
What is the IRS Standard Deduction for 2024?
The deduction from your annual income may change each year and it happens due to inflation. You can check the IRS Standard Deduction for 2024 from the table below and know the updates made by IRS Standard Deduction 2024 for single taxpayers, married taxpayers and head of household taxpayers.
| Filing Status | Deductions for 2022 | Deductions for 2023 |
| Single | $12,950 | $13,850 |
| Married but file a tax return separately | $12,950 | $13,850 |
| Household Heads | $19,400 | $20,800 |
| Married Filing Jointly | $25,900 | $27,700 |
| Surviving Spouses | $25,900 | $27,700 |
Difference Between Standard Deduction vs Itemized Deductions
All taxpayers can use both methods to save money for the tax year. But most people use the IRS Standard Deduction which will reduce the amount they are taxable for the tax year. Many people use itemized deductions and only follow the rules if their annual income exceeds the IRS Standard Deduction.
Itemized deductions will consider your entire annual income and the source from which you have earned it. It will calculate the overall income and then the deductions for the tax year but the IRS Standard Deduction will be on your income on which you are paying the income tax return. Therefore, it is important and useful for the citizens to choose this type of option to reduce the tax burden.
What is the Additional Standard Deduction for the People over 65?
The Additional Standard Deduction will be available to those who are specially disabled or blind. If you’re filing an income tax return jointly, you can claim the IRS Additional Standard Deduction if one of you is blind.
The additional standard deduction amount will be added to your regular standard deduction and may be adjusted for their filing status. If you are confused about how to get an IRS Additional Standard Deduction if I am claiming an IRS Standard Deduction then you can check the table below and know the complete update.
| Filing Status | Additional Standard Deduction 2023 (Per Person) | Additional Standard Deduction 2024 (Per Person) |
|---|---|---|
| Married Filing Jointly or Married Filing Separately • 65 or older OR blind • 65 or older AND blind | $1,500 $3,000 | $1,550 $3,100 |
| Single or Head of Household • 65 or older OR blind • 65 or older AND blind | $1,850 $3,700 | $1,950 $3,900 |