The Standard Deduction
The standard deduction is a flat dollar amount that reduces your AGI to determine taxable income — no documentation or receipts needed. For 2024: Single = $14,600; Married Filing Jointly = $29,200; Head of Household = $21,900. Additional standard deduction amounts are available for taxpayers who are 65+ or legally blind: $1,550 per qualifying factor for single filers; $1,250 for married filers. The Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction and eliminated or capped many itemized deductions — as a result, approximately 87% of Americans now take the standard deduction rather than itemizing. Taking the standard deduction is simpler (no records needed), and for most people it results in a lower taxable income than adding up their actual deductible expenses. The standard deduction is adjusted annually for inflation. You must choose: either the standard deduction or itemized deductions — you cannot take both. The decision is simple: calculate your potential itemized deductions; if they exceed the standard deduction for your filing status, itemize. If not, take the standard.