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Standard Deduction Mfj For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to. The standard deduction amounts will increase to $15,000 for individuals and married couples filing. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from 2023. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to. The standard deduction for taxpayers who don't itemize their deductions on schedule a (form 1040) is higher for 2023 than it was for 2022. The standard deduction is a fixed dollar amount you may subtract from your taxable income — meaning more of your money isn’t. Seniors over age 65 may claim an additional standard deduction of $1,950 for single. The irs has just announced that the standard deduction amounts are increasing between $400 and $800 from the 2024 numbers.
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From slideplayer.com
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