2024 Deductions and Exemptions

2024 Deductions and Exemptions

Standard Deduction

  • Single: $14,600
  • Joint returns & surviving spouses: $29,200
  • Married filing separately: $14,600
  • Head of household: $21,900

The standard deduction increases by $1,550 for a married taxpayer aged 65 or older or blind ($3,100 if both 65 and blind); by $1,950 for a single taxpayer aged 65 or older or blind ($3,900 if both 65 and blind).

Personal Exemptions: Suspended through 2025

No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer's return.

For more info contat Syriac CPA Tax And Accounting Services on (562) 202-9697, (949) 397-2337

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