Tax expert and cpa availability may be limited. It’s $29,200 if you’re a surviving spouse or you’re married and you’re filing jointly.
For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for heads of. The standard deduction is a fixed dollar amount that reduces the amount of income you get taxed on.
Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind.
Section 80ccd (2) deduction is also available under the new tax regime on the employer’s contribution to the national.
The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for married taxpayers, and slightly more if you’re over 65.
The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.
