2024 Standard Deduction

Key takeaways

• The standard deduction is a fixed amount you can deduct from your taxable income that is adjusted every year to keep up with inflation.
• Eligibility is determined by your filing status, age, and dependency status.
• The 2024 standard deduction for single filers is $14,600.
• The 2024 standard deduction for married filing separately is $14,600.
• The 2024 standard deduction for married filing jointly is $29,200.
• The 2024 standard deduction for qualifying surviving spouse is $29,200.
• The 2024 standard deduction for head of household is $21,900.
• People who are 65 or older can take an additional standard deduction of $1,950 for single and head of household filers and $1,550 for married filing jointly, married filing separately, and qualifying spouse filers.
• The standard deduction lowers your adjustable gross income (AGI) and the taxes you owe.

What is the standard deduction?

The standard deduction is a tax-free portion of your earnings that is off-limits to the tax man. It's a fixed amount that the government lets you deduct from your taxable income. This reduces the amount of taxable income you report, which lowers your overall tax bill.

Work with a Tax Pro to claim your 2024 standard deductions

When  you file your taxes, you have two options when it comes to deductions. You can either take the standard deduction or itemize your deductions. Many people choose the standard deduction because it's easier and often more beneficial, especially if you don't have very many qualifying expenses to itemize.

The IRS increases the standard deduction by adjusting the amount each year by using the "annual cost of living increase.”

It’s important to note that the amount of standard deduction available to you depends on your filing status. If you’re eligible for multiple filing statuses, choose the option that benefits you the most.

Who is eligible for the standard deduction?

The standard deduction is available to most taxpayers who earn income in the United States. However, whether you can claim it, and how much you can claim, depend on your filing status, age, and if someone else can claim you as a dependent on their tax return.

Here's what you need to know

• Filing status: Your filing status determines your standard deduction amount, as we’ll explore in more detail later. Single filers, for example, have a much smaller standard deduction than a single person filing as head of household.
• Age: If you're 65 years or older, you may be eligible for a higher standard deduction. This extra deduction is designed to help older adults who may have additional expenses.
• Dependency status: If someone else can claim you as a dependent on their tax return, you can still claim the standard deduction, but it will be much smaller.

2024 standard deduction for single filers

For the tax year 2024, single filers (people who are not married and do not qualify for any other filing status) are eligible for a standard deduction of $14,600. This means that if you're filing your taxes as a single person, you can deduct $14,600 from your taxable income before calculating how much you’ll owe in taxes.

Taking the standard deduction can be especially beneficial for single filers who may not have significant deductible expenses, like mortgage interest, property taxes, or charitable contributions. Instead of itemizing these lower deductions, you can opt for the higher standard deduction and still enjoy tax savings.

2024 standard deduction for married filing separately

For the tax year 2024, married couples who choose to file separately may be eligible for a standard deduction of $14,600 for each spouse. This means that if you and your spouse decide to file separate tax returns, each of you may be able to deduct $14,600 from your taxable incomes.

However, it’s important to keep in mind that if your spouse chooses to itemize deductions, you are no longer eligible for the standard deduction. This is true even if your spouse files as head of household and you file as married filing separately.

Married filing separately is an option available to couples who prefer to keep their finances separate or who may benefit from filing separately, like if one spouse has a lot of medical expenses.

The standard deduction for married individuals filing separately can be the same as the standard deduction for single filers. This provides each spouse with the same tax-saving opportunity as if they were filing as single individuals.

2024 standard deduction for married filing jointly

For the tax year 2024, married couples filing jointly (those who are legally married and choose to file their taxes together) are eligible for a standard deduction of $29,200. This means that if you and your spouse decide to file a joint tax return, you can deduct $29,200 from your combined taxable income.

Filing jointly is common and, in most cases, is also the most beneficial filing status for married couples. It typically means lower tax rates and more generous tax deductions and credits compared to filing separately. The standard deduction for married filing jointly is higher than the standard deduction for single filers or married couples filing separately.

Choosing the married filing jointly status not only means a bigger standard deduction, but it can also simplify the tax-filing process for couples, because you only need to submit one tax return instead of separate returns for you and your spouse. This can save time and reduce the chance of errors and discrepancies.

2024 standard deduction for head of household

For the tax year 2024, people who qualify as heads of household are eligible for a standard deduction of $21,900. This filing status is available to unmarried individuals who provide a home for a qualifying child or dependent and meet the IRS’s requirements.

The standard deduction for heads of household is higher than the standard deduction for single filers, because of the additional responsibilities and financial support you assume as head of household.

Requirements to qualify as head of household

• You are single (or considered to be unmarried) on the last day of the tax year.
• You have paid more than half the cost of maintaining a home for yourself and a qualified dependent for more than half the year.
• You can claim a child or other dependent who lived with you for more than half the year.
• NOTE: To be considered unmarried you must still be legally married, have not lived together for the last six months of the year (generally starting July 1), and have a qualifying dependent child.

2024 standard deduction for 65 or older

For the tax year 2024, people 65 or older are eligible for an additional standard deduction amount. This is on top of the standard deduction based on their filing status, and it’s designed to provide tax relief for older adults with additional expenses related to healthcare, housing, and other necessities.

The additional standard deduction for people who are 65 or older is $1,950 for single filers or heads of household, and $1,550 for married couples filing jointly.

To qualify for the additional standard deduction, you must be at least 65 years old by the second day of the calendar year (January 2). For example, if you are 65 on January 2, 2025, you will be able to claim the additional standard deduction on your 2024 income tax return. Additionally, you must be eligible to claim the standard deduction.

Does the standard deduction affect my adjusted gross income?

No. The standard deduction does not affect your adjusted gross income (AGI). When you claim the standard deduction, you subtract it from your AGI, after any adjustments to income such as contributions to certain retirement accounts or health savings accounts. The standard deduction is subtracted from your AGI, which in turn lowers your taxable income and income taxes.

Frequently asked questions about the standard deduction

Can I itemize deductions instead of taking the standard deduction?

Yes. You have the option to either take the standard deduction or itemize your deductions. Itemizing deductions involves listing out individual deductible expenses, such as mortgage interest, property taxes, and charitable contributions, and deducting the total from your taxable income. Choose the option that results in the biggest deduction you can take.  

How do I know if I should itemize deductions instead of taking the standard deduction?

You should consider itemizing deductions if all your deductible expenses add up more than the standard deduction for your filing status. In many cases, homeowners with mortgage interest and property taxes, people with significant medical expenses, and those who have made large charitable contributions will often benefit more from itemizing deductions than taking the standard deduction.

Do I need to keep receipts and records if I take the standard deduction?

While you don't need to keep detailed records of expenses if you take the standard deduction, it never hurts to keep records and receipts handy in case you need them. Additionally, if you have any qualifying expenses that could potentially exceed the standard deduction, it's wise to keep receipts and records until you do your taxes in case you decide to itemize deductions instead.

Can I claim both the standard deduction and other deductions or credits?

It depends. You cannot claim both the standard deduction and itemized deductions.

You can claim other deductions and credits if you claim the standard deduction, since they aren't part of any credits or other deductible contributions. Make sure that you work with a Tax Pro who can help you with your unique situation.

Can I change my mind and switch between the standard deduction and itemized deductions from year to year?

Yes. You can choose to take the standard deduction one year and itemize deductions the next, depending on which method provides the greatest tax benefit for your unique circumstances. It's important to evaluate your deductible expenses annually to determine the best option for you.

The standard deduction serves as a valuable tax break and provides an easy way to lower taxable income without the need to track and itemize every deductible expense. By taking advantage of the standard deduction, you can simplify the process, reduce the amount you owe the IRS, and keep more of your hard-earned money in your pocket.

Don’t file alone. Take the guesswork out of the equation by working with a Tax Pro who can help you get every dollar and deduction you deserve when you file your 2024 taxes.

About the Author

Mark Steber is Senior Vice President and Chief Tax Information Officer for Jackson Hewitt. With over 30 years of experience, he oversees tax service delivery, quality assurance and tax law adherence. Mark is Jackson Hewitt’s national spokesperson and liaison to the Internal Revenue Service and other government authorities. He is a Certified Public Accountant (CPA), holds registrations in Alabama and Georgia, and is an expert on consumer income taxes including electronic tax and tax data protection.

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