Standard Deduction Calculator
Find your exact IRS Standard Deduction based on your filing status, age, and blindness.
Understanding the Standard Deduction
The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Taxpayers have the choice to either take the standard deduction or itemize their deductions (such as mortgage interest and charitable gifts). Most Americans take the standard deduction because it is higher.
Additional Deductions
The IRS grants an additional standard deduction amount if you are 65 or older, and/or legally blind. If you are both 65+ and blind, you get the additional amount twice.
Worked Example
- Tax Year: 2024
- Filing Status: Single
- Base Deduction: $14,600
- Over 65? Yes (+$1,950)
- Total Standard Deduction = $16,550.
Frequently Asked Questions
Did standard deductions increase for 2024?
Yes, the IRS adjusts standard deduction amounts annually to account for inflation. For 2024, the standard deduction for married couples filing jointly rose to $29,200.
Disclaimer: This calculator is for educational and informational purposes only. It is not a substitute for professional financial advice. Results are estimates based on the information provided and may not reflect actual outcomes. Please consult with a qualified financial advisor, accountant, or tax professional before making any financial decisions. Past performance does not guarantee future results.