Standard Deduction for 2024 Taxes: What Is It, and Should You Claim It?

Come tax season, there’s probably one thing on your mind: Not paying a cent more than you’re obligated to when you file your taxes.

Luckily, Uncle Sam allows you to reduce your tax burden by lowering your tax liability with deductions. This can ensure you’re not paying more in taxes than you should. It also means that if you’ve had more withheld than you owe, you’ll get the tax refund you’re entitled to receive.

The Internal Revenue Service offers taxpayers two options for reducing their taxable income: itemizing deductions or taking something called the standard deduction. 

The standard deduction is a dollar amount you can use to lower your taxable income and it doesn’t require you to keep track of every expense throughout the year. 

So let’s take a look at what the 2024 standard deduction amounts are, why they’ve changed since last year, and how to determine whether you should take the standard deduction or itemize your deductions.

What is the standard deduction?

The standard deduction is a flat dollar amount the IRS lets you subtract from your taxable income, often lowering your tax bill. This ensures every taxpayer has at least some portion of their income not subject to federal income tax. You can only claim the standard deduction if you choose not to itemize your deductions.

The standard deduction is determined by the IRS each year, and the amount you can claim depends on your filing status. Joint filers and individuals who can claim a dependent get a larger standard deduction than single filers.

If, however, another taxpayer can claim you as a dependent, the amount of your standard deduction may be reduced. Some filers may qualify for an additional deduction, such as individuals who are 65 or older or blind.

Standard tax deductions for 2024?

The standard deduction for the 2024 tax year — that is, returns filed in 2025 — is $14,600 for single filers, $21,900 for Head of Household filers, and $29,200 for married couples filing jointly. Married couples filing separately get the same standard deduction as single filers.

You may have noticed in this chart that the standard deduction changes from one year to the next. The amount you can deduct on your federal tax return is adjusted each year for inflation.

The standard deduction for the 2025 tax year (taxes filed in 2026) was announced by the IRS on October 22, 2024. It will be $15,000 for single filers and married couples filing separately, $22,500 for Head of Household filers, and $30,000 for married couples filing jointly.

Additional standard deduction for people 65 or older

You’re allowed an additional deduction to what’s shown in the chart if you’re age 65 or older at the end of the tax year. This amount ranges from $1,550 to $1,950 depending on filing status.

Additional standard deduction for the blind

You're allowed an additional deduction for blindness, ranging from $1,550 to $1,950 depending on filing status. To qualify for an additional standard deduction for blindness, you need only be blind on the last day of the tax year (certifiable by your physician).

Standard deduction for dependents

If you were another person’s dependent during the tax year, your standard deduction will generally be limited to the greater of $1,300 or your earned income plus $450. To be claimed as another taxpayer’s dependent, you must either be a qualifying child or a qualifying relative of that taxpayer.

How does the standard deduction work?

Most taxpayers have the option of claiming the standard deduction or itemizing their deductions, but you have to choose one or the other. It’s often much simpler to go with the standard deduction, because you aren't required to break down your deductible expenses, fill out additional forms, or keep documentation as proof of each expense.

If you choose itemized deductions, you're able to deduct any qualifying expenses you incurred during the tax year, which also reduces your taxable income. If you spend a lot on deductible expenses — such as mortgage interest, state and local taxes, capital losses, medical expenses, or donations to charity — you might be able to lower your taxable income more by choosing itemized deductions over the standard deduction.

Who is eligible for the standard deduction?

Not all taxpayers are eligible to take the standard deduction. According to the IRS website, taxpayers in the following situations can’t use the standard deduction:

• You’re married but filing separately, and your spouse itemizes deductions.
• You were a nonresident alien or dual-status alien during the year (exceptions apply).
• You file a tax return for a time period of less than 12 months due to a change in your annual accounting period (calendar year).
• You’re filing on behalf of an estate or trust, common trust fund, or partnership.

Standard deduction vs. itemizing

You should take the time to run the numbers to see which gives you the bigger deduction — itemizing your deductions or taking the standard deduction.

Taking the standard deduction is simpler and can be claimed by most taxpayers, no questions asked. However, it could actually cost you money depending on your situation.

Itemizing deductions usually takes more time and requires more forms, including proof of your expenses, but it could save you money. If the total of your deductible expenses would be more than the standard deduction, it would be worth the effort to itemize or pay someone to do it for you.

Common itemized deductions include:

• State and local taxes
• Sales tax
• Student loan interest
• Mortgage interest and property taxes on your home
• Charitable donations
• Medical expenses and dental expenses that exceed 7.5% of your adjusted gross income
• Disaster losses from a federally declared disaster
• Work-related educational expenses
• Business travel expenses
• Vehicle and home office if used for business

Who should take the standard deduction?

If your deductible expenses throughout the tax year were lower than the standard deduction, you should take the standard deduction. People who didn't spend a lot on mortgage or student loan interest, medical expenses, taxes, charitable donations, or work-related expenses are more likely to benefit from taking the standard deduction.

The vast majority of taxpayers take the standard deduction — nearly 90% in the 2020 tax year, according to the Tax Policy Center. The Tax Cuts and Jobs Act also significantly increased the standard deduction, so you might find that the standard deduction is a better option even if you’ve itemized in the past.

That said, it's important to review all your qualifying expenses to make sure the standard deduction is right for you.

Who should itemize?

If itemizing reduces your taxable income more than taking the standard deduction, you’re probably better off claiming itemized deductions.

You might benefit from itemizing and end up with a lower tax bill, for instance, if you had large uninsured medical expenses that were greater than your standard deduction. If you're a homeowner, and you paid more in state and local taxes — such as property, income, and sales tax — combined with your mortgage interest, you might want to consider itemized deductions.

Ultimately, choosing which deduction to take depends on your personal tax situation and whether your itemized deductions add up to more or less than the standard deduction.

Here's how you can compare the numbers:

• Ask your tax preparer or CPA to run the numbers for you.
• Use TurboTax or TaxAct (some of the best tax software) to help determine what is best for you.
• Look into free tax software that could help you analyze whether you’re better off itemizing your deductions or taking the standard deduction.
• Use the IRS standard deduction interview tool to make this determination.

FAQs

Bottom line

As you begin preparations for filling out tax forms and filing your income tax return, this information should give you a better idea of the standard deductions for 2024, which will help you understand how to manage money wisely.

Regardless of how you file your taxes this year — whether you pay a tax preparer, use tax prep software, or file for free — it’s a good idea to know which approach to deductions will provide the best tax benefit for you.

While the TCJA increased the standard deduction, you’ll still want to compare it with the tax break you could receive by itemizing. This will help ensure you’re avoiding any costly tax mistakes and getting the deductions you’re entitled to receive.

And if you find any of this overwhelming or feel that you have a unique situation, you might consider seeking out the help of a tax professional.

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