That means a single taxpayer 65 or older (or who is blind) can. For example, in the tax year 2023, if you’re single and 65+, you can add an extra $1,850 to your standard deduction, bringing up the total to $15,700.
What is the standard deduction for 2024? Other annual tax adjustments for taxes filed in 2025.
A Single Taxpayer With Taxable Income Of $125,000 In 2024 Will Be Taxed As Follows:
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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.
For tax year 2024, the standard deduction is $14,600 single and $29,200 married filing jointly (2023 the standard deduction is $13,850 single and $27,700 married filing jointly).
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If Your Yearly Salary Is $120,000, You Can Use The Mortgage Interest.
Single filers and married couples filing separately received $750 more, at $14,600.
Here's An Example Of A Mortgage Interest Tax Deduction In Action:
Can i claim the standard deduction if i itemize deductions?