2024 Standard Deduction Amounts
| Filing Status | 2024 Standard Deduction | 2023 Amount | Increase |
|---|---|---|---|
| Single | $14,600 | $13,850 | +$750 |
| Married Filing Jointly | $29,200 | $27,700 | +$1,500 |
| Head of Household | $21,900 | $20,800 | +$1,100 |
| Married Filing Separately | $14,600 | $13,850 | +$750 |
Additional deduction if 65+ or blind
If you're 65 or older or legally blind, add $1,550 to your standard deduction (single) or $1,250 per qualifying person (married). Being both 65+ and blind gives you double the additional amount.
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Standard vs. Itemized: How to Choose
You should itemize deductions only if your total itemized deductions exceed the standard deduction for your filing status. Add up:
| Itemized Deduction | 2024 Rule |
|---|---|
| State & Local Taxes (SALT) | Capped at $10,000/year (single or MFJ) |
| Mortgage Interest | On loans up to $750,000; fully deductible |
| Charitable Contributions | Cash gifts up to 60% of AGI; property at fair market value |
| Medical Expenses | Only amounts exceeding 7.5% of AGI |
| Casualty & Theft Losses | Only federally declared disaster areas |
Bunching strategy for itemizers
If your itemized deductions are close to the standard deduction threshold, consider "bunching" — combining two years' worth of charitable donations into one year to exceed the standard deduction, then taking the standard deduction the next year.
Who Cannot Take the Standard Deduction?
- Married Filing Separately if your spouse itemizes — you must also itemize
- Nonresident or dual-status aliens (with some exceptions)
- Taxpayers with a short tax year due to change in accounting period