Drake Tax - 1040 - Standard Deduction Amounts
Article #: 15807
Last Updated: October 18, 2024
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.