Standard deduction amount increased. For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows.
- Single or Married Filing Separately: $14,600
- Married Filing Jointly or Qualifying Surviving Spouse: $29,200
- Head of Household: $21,900
The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and blind); by $1,750 for a single taxpayer aged 65 or older or blind ($3,400 if both 65 and blind).
Personal Exemptions: Suspended through 2025
No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer’s return.