Standard Deduction
In one sentence: A flat deduction available to taxpayers who don't itemize.
What it means
2024: $14,600 single, $29,200 MFJ, $21,900 head of household. Roughly doubled by TCJA, which is why fewer than 10% of taxpayers now itemize.
In one sentence: A flat deduction available to taxpayers who don't itemize.
2024: $14,600 single, $29,200 MFJ, $21,900 head of household. Roughly doubled by TCJA, which is why fewer than 10% of taxpayers now itemize.