Drake Tax - 1040 - Standard Deduction Amounts

Article #: 15807

Last Updated: October 21, 2024

 


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See the table below for the Standard Deduction amounts. While this is the typical amount the taxpayer would have, it is possible for the amount to be higher under certain circumstances.

Year  Single Married Filing Joint Married Filing Separate  Head of Household Qualifying Surviving Spouse*
2024 $14,600 $29,200 $14,600 $21,900 $29,200
2023 $13,850 $27,700 $13,850 $20,800 $27,700
2022 $12,950 $25,900 $12,950 $19,400 $25,900
2021 $12,550 $25,100 $12,550 $18,800 $25,100
2020 $12,400 $24,800 $12,400 $18,650 $24,800

Dependent of Another

The Standard Deduction on Dependent of Another returns follows different rules:

Year The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of:
2024 $1,300 The individual's earned income for the year plus $4501 
2023 $1,250  The individual's earned income for the year plus $4001 
2022 $1,150 The individual's earned income for the year plus $4001  
2021 $1,100 The individual's earned income for the year plus $3501 
2020 $1,100 The individual's earned income for the year plus $3501 

1 (but not more than the regular standard deduction amount for that year)

Note  Wks STDED will produce in view mode for the dependent of another standard deduction computation.

65 or Blind

If the taxpayer and/or spouse is 65 or older, and/or blind, however, the standard deduction may be higher:

Tax Year   Deduction increase by Filing Status   
Single  Married Filing Joint  Married Filing Separate Head of Household  Qualifying Surviving Spouse*
2024 $1,950 $1,550 $1,550 $1,950 $1,550
2023 $1,850 $1,500 $1,500 $1,850 $1,500
2022 $1,750  $1,400   $1,400  $1,750  $1,400 
2021 $1,700  $1,350  $1,350  $1,700  $1,350 
2020 $1,650 $1,300 $1,300 $1,650 $1,300

To determine your allowed deduction, multiply the amount shown for "increase by filing status" (above) by the number of additional exemptions that the taxpayer (and spouse if filing joint) qualify for. For example, in a 2023 MFJ return where both taxpayers are over the age of 65, and the spouse is also blind, you multiply $1,500 by 3 and add that amount to the standard deduction of $27,700 to get $32,200.

Tip  *In prior years, this status was called Qualifying Widow(er). Starting with 2022, the status is referred to as Qualifying Surviving Spouse. The requirements remain the same and can be reviewed in the Form 1040 Instructions for the applicable year.