Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (2024)

MORE LIKE THISTax credits and deductionsTax preparation and filingTaxes

The IRS gives you two major choices for lowering your taxable income: the standard deduction or itemized deductions. Most taxpayers opt for the standard deduction simply because it's less work than itemizing, but that doesn't mean it's the right choice for everyone.

Here's a quick overview of what the standard deduction is, which taxpayers it works best for, and the standard deduction amounts for tax years 2023 and 2024. Plus, learn about the additional standard deduction amounts for those 65 and older and how to calculate it for dependents.

» Need to skip ahead?

  • 2023 standard deduction

  • 2024 standard deduction

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (1)

Simple tax filing with a $50 flat fee for every scenario

With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. Plus, you'll get free support from tax experts. Sign up for access today.

for a NerdWallet account

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (2)

Transparent pricing

Hassle-free tax filing* is $50 for all tax situations — no hidden costs or fees.

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (3)

Maximum refund guaranteed

Get every dollar you deserve* when you file with this tax product, powered by Column Tax.

File up to 2x faster than traditional options.* Get your refund, and get on with your life.

*guaranteed by Column Tax

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (5)

What is the standard deduction?

The standard deduction is a specific dollar amount that the IRS lets you subtract from your adjusted gross income to lower the amount of income you get taxed on. How much of a standard deduction you're entitled to generally depends on your tax filing status.

Certain taxpayers, such as those who are blind or age 65 or older, usually get a higher standard deduction, sometimes called an additional standard deduction. On the other hand, if you can be claimed as a dependent, you may get a lower standard deduction.

Even if you have no other qualifying deductions or tax credits, the IRS lets most people take the standard deduction on a no-questions-asked basis. But there are a few situations that may disqualify some taxpayers from taking it.

Standard deduction example: A married couple filing their 2023 tax return jointly with an AGI of $125,000 is entitled to a standard deduction of $27,700. This tax break reduces their taxable income to $97,300 ($125,000 - $27,700).

» MORE: Learn more about the 2023-2024 tax brackets and rates

How the standard deduction works

You can either take the standard deduction or itemize on your tax return. The standard deduction is a blanket, guaranteed amount you can subtract from your AGI without having to prove anything to the IRS. Itemized deductions also reduce your taxable income — but in a different way.

File your taxes with confidence

Register for a free NerdWallet account or sign in to gain access to an exclusive one-hour, previously recorded webinar about tax filing and tax planning strategies. Watch on demand!

Get started

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (6)

Itemized deductions are basically individual expenses allowed by the IRS that can decrease your taxable income. These expenses can include things like property taxes, certain unreimbursed medical costs or business mileage.

Taking the standard deduction means you can't deduct home mortgage interest or take certain types of tax breaks. But if you itemize, you should hang onto records supporting your deductions in case the IRS decides to audit you.

» MORE: Estimate your refund or bill with NerdWallet's tax calculator

Standard deduction 2023

The 2023 standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household. It is claimed on tax returns filed by April 2024.

Filing status

2023 standard deduction

Single; Married filing separately

$13,850.

Married filing jointly; Surviving spouse

$27,700.

Head of household

$20,800.

Standard deduction 2024

In 2024 (taxes filed in 2025), the standard deduction for single filers and those married filing separately is $14,600. The standard deduction for those married filing jointly is $29,200, and $21,900 for heads of household.

Filing status

2024 standard deduction

Single; Married filing separately

$14,600.

Married filing jointly; Surviving spouse

$29,200.

Head of household

$21,900.

» MORE: IRS announces 2024 tax changes, updated standard deduction

Standard deduction for those 65 or older

People 65 or older and those who are blind are entitled to an extra standard deduction amount that they may add to their existing base standard deduction. How much extra depends on filing status and which situations apply.

  • To be eligible for the age-based additional standard deduction, you must have turned 65 by the end of the tax year.

  • To qualify for the additional standard deduction for blindness, the IRS requires that you are either totally blind or have received a statement from an eye doctor confirming that you see less than 20/200 in your better-functioning eye or your field of vision is 20 degrees or fewer. You may also qualify if contact lenses are able to correct the above conditions, but you are unable to wear them due to pain or infection.

Additional standard deduction 2023 (taxes due 2024)

Single or head of household

65 or older or blind.

+ $1,850.

65 or older and blind.

+ $3,700.

Married filing jointly or married filing separately

65 or older or blind.

+ $1,500 (per qualifying individual).

65 or older and blind.

+ $3,000 (per qualifying individual).

Additional standard deduction 2024 (taxes due 2025)

Single or head of household

65 or older or blind.

+ $1,950.

65 or older and blind.

+ $3,900.

Married filing jointly or married filing separately

65 or older or blind.

+ $1,550 (per qualifying individual).

65 or older and blind.

+ $3,100 (per qualifying individual).

Standard deduction for dependents

If you're filing a tax return but are still being claimed as a dependent by someone else, your standard deduction depends on your earned income. For the 2023 tax year, you can either take a flat $1,250, or however much your earned income was, plus $400. If you take the second route, note that the final number can not exceed the standard deduction for your tax filing status.

For the 2024 tax year, the standard deduction for dependents rises to $1,300, or earned income plus $450, not to exceed the maximum standard deduction amount for that tax filing status.

» Dive deeper: Who counts as a dependent?

When can't you take the standard deduction?

The standard deduction is a welcome tax break for most — but there are a handful of situations where you may not be qualified to take it.

  • You are married filing separately, and your partner chooses to itemize. You must then also itemize.

  • You are filing a return as a trust, estate, or partnership.

  • Your return covers a period of less than a year because of accounting period changes.

  • You are considered a "nonresident alien" or "dual-status alien" of the U.S. (but there are some exceptions; see Publication 519).

How much is my 2023 standard deduction?

Use the calculator below to estimate your 2023 standard deduction, which applies to tax returns filed by April 15, 2024.

Before you begin, you should know your tax filing status. Also, note that this calculator does not help to estimate the standard deduction for dependents or those who may have a qualifying disaster loss to claim.

2023 vs. 2024 standard deduction

As you might have noticed, the standard deduction amounts for tax years 2023 and 2024 differ by several hundred dollars. That's because the IRS adjusts a number of tax provisions, including the standard deduction, each year to account for inflation. These annual inflation adjustments help to ensure that people continue to get value out of certain tax breaks as the cost of living rises.

This means, for example, that in 2024 (taxes filed in 2025), the standard deduction for single filers will increase by $750 and by $1,500 for those married filing jointly.

When to claim the standard deduction

If your standard deduction is less than your itemized deductions, you probably should itemize and save money. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time.

Try this quick check. Although using the standard deduction is easier than itemizing, if you have a mortgage or home equity loan, it’s worth seeing if itemizing would save you money. Use the numbers you find on IRS Form 1098, the Mortgage Interest Statement (you typically get this from your mortgage company at the end of the year). Compare your mortgage interest deduction amount with the standard deduction.

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (7)

Simple tax filing with a $50 flat fee for every scenario

With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. Plus, you'll get free support from tax experts. Sign up for access today.

for a NerdWallet account

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (8)

Consider other itemized deductions. Deciding whether to itemize also requires getting a bit cozy with the tax code. If you find that your life involves many other expenses that can be written off as itemized deductions, it's worth tallying those expenditures up to see if they could amount to larger savings. Examples of potentially eligible itemized deductions include:

  • Property taxes,

  • Charitable donations,

  • State income taxes or sales taxes, and

  • Certain business, medical or moving mileage.

Run the numbers both ways. If you’re using tax software, it’s probably worth the time to answer all the questions about itemized deductions that might apply to you. Why? The software (or your tax pro) can run your return both ways to see which method produces a lower tax bill. Even if you end up taking the standard deduction, at least you’ll know you’re coming out ahead.

» MORE: Ready to file? See our picks for the year's best tax software

Standard Deduction 2023-2024: Amounts, When to Take - NerdWallet (2024)

FAQs

What is the standard deduction for 2023 and 2024? ›

2023 vs. 2024 Standard Deduction
Filing StatusStandard Deduction 2023Standard Deduction 2024
Single$13,850$14,600
Married, Filing jointly$27,700$29,200
Married, Filing separately$13,850$14,600
Head of Household$20,800$21,900

When to take standard deduction? ›

Generally, if your standard deduction is greater than the sum of the itemized deductions for which you qualify, then you just take the standard deduction instead. The size of your standard deduction depends on a few factors: your age, your income and your filing status.

What is the extra standard deduction for seniors over 65? ›

If you are 65 or older and blind, the extra standard deduction is: $3,700 if you are single or filing as head of household. $3,000 per qualifying individual if you are married, filing jointly or separately.

How do I determine my standard deduction? ›

Key Takeaways
  1. The standard deduction is the portion of income not subject to tax that can be used to reduce your tax bill.
  2. For 2023, the standard deduction is $13,850 for individuals, $27,700 for joint filers, or $20,800 for heads of household. ...
  3. The IRS adjusts the standard deduction each year for inflation.

What is the standard deduction for 2024 for seniors? ›

For 2024, assuming no changes, Ellen's standard deduction would be $16,550: the usual 2024 standard deduction of $14,600 available to single filers, plus one additional standard deduction of $1,950 for those over 65.

What will the standard deduction be for 2024? ›

Standard deduction 2024 (taxes filed 2025)

In 2024, the standard deduction is $14,600 for single filers and those married filing separately, $29,200 for those married filing jointly, and $21,900 for heads of household. The 2024 standard deduction applies to tax returns filed in 2025. $29,200.

How to determine if you should itemize or take the standard deduction? ›

Standard deduction versus itemizing

For the vast majority of tax filers, the standard deduction is the way to go. “Generally, taxpayers whose total itemized deductions are less than the standard deduction (based on their filing status) will benefit from taking the standard deduction.

Should most people take the standard deduction? ›

For the vast majority of tax filers, the standard deduction is the way to go. “Generally, taxpayers whose total itemized deductions are less than the standard deduction (based on their filing status) will benefit from taking the standard deduction.

At what age is social security no longer taxed? ›

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

Do seniors get a higher standard deduction? ›

Increased Standard Deduction

When you're over 65, the standard deduction increases. The specific amount depends on your filing status and changes each year. The standard deduction for seniors this year is actually the 2022 amount, filed by April 2023.

How does standard deduction work for dummies? ›

The standard deduction is a specific dollar amount that reduces the amount of taxable income. The standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness. In general, the IRS adjusts the standard deduction each year for inflation.

Can seniors claim standard deduction? ›

Additional standard deduction – You're allowed an additional deduction if you're age 65 or older at the end of the tax year. You're considered to be 65 on the day before your 65th birthday (for tax year 2023, you're considered to be 65 if you were born before January 2, 1959).

What is the standard deduction for married filing jointly over 65 in 2024? ›

Each joint filer 65 and over can increase the standard deduction by $1,550 apiece, for a total of $3,100 if both joint filers are 65-plus. In total, a married couple 65 or older would have a standard deduction of $32,300.

What is a good standard deduction? ›

For 2023, the standard deduction numbers to beat are: Single taxpayers: $13,850. Married taxpayers filing a joint return: $27,700. Heads of household: $20,800.

What is the over 65 standard deduction for 2023? ›

For 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,850 for Single or Head of Household (increase of $100) $1,500 for married taxpayers or Qualifying Surviving Spouse (increase of $100)

What is the new standard deduction for 2023 for seniors? ›

IRS extra standard deduction for older adults

For 2023, the additional standard deduction is $1,850 if you are single or file as head of household. If you're married, filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual.

What is the new IRS standard deduction for 2023? ›

For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

References

Top Articles
Latest Posts
Article information

Author: Laurine Ryan

Last Updated:

Views: 5419

Rating: 4.7 / 5 (57 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Laurine Ryan

Birthday: 1994-12-23

Address: Suite 751 871 Lissette Throughway, West Kittie, NH 41603

Phone: +2366831109631

Job: Sales Producer

Hobby: Creative writing, Motor sports, Do it yourself, Skateboarding, Coffee roasting, Calligraphy, Stand-up comedy

Introduction: My name is Laurine Ryan, I am a adorable, fair, graceful, spotless, gorgeous, homely, cooperative person who loves writing and wants to share my knowledge and understanding with you.