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What Are Standard Tax Deductions?

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • November 8, 2024 01:33 PM
OVERVIEW

The Standard Tax Deduction is a fixed amount that the tax system lets you deduct from your income, no questions asked.

 

Key Takeaways

  • The Standard Deduction lets you reduce your taxable income by a fixed amount, making tax filing simpler since you don't need to itemize deductions.
  • Each year, the Standard Deduction amount typically goes up to keep pace with inflation, ensuring your tax relief stays consistent.
  • If you're 65 or older or blind, you can qualify for a higher Standard Deduction, giving you extra tax relief.
  • You can’t claim the Standard Deduction if you're married filing separately and your spouse itemizes, or if you're a nonresident alien.

What are tax deductions?

Tax deductions allow individuals and companies to subtract certain expenses from their taxable income, which reduces their overall tax bill. The tax system gives you a choice of adding up all of your deductible expenses—and providing evidence of those expenses to the IRS upon request—or simply deducting a flat amount, no questions asked. That flat amount is called the "Standard Deduction."

What are Standard Deductions?

Standard Deductions ensure that all taxpayers have at least some income that is not subject to federal income tax. The Standard Deduction amount typically increases each year due to inflation. You usually have the option of claiming the Standard Deduction or itemizing your deductions. However, you can't claim both in the same year. You will find that many states that impose an income tax will also allow you to claim a similar type of Standard Deduction on your state income tax return.

How much is the Standard Deduction?

The amount of your Standard Deduction depends on the filing status you qualify for. In 2024, for example, single taxpayers and married taxpayers who file separate returns can claim a $14,600 Standard Deduction. Married couples filing jointly can claim an amount that's twice as large, $29,200, and taxpayers filing as "Head of Household" (unmarried individuals with dependents) can claim a Standard Deduction of $21,900.

Is the Standard Deduction different if someone claims you as a dependent?

If you are being claimed as a dependent, your Standard Deduction is lower. For example, in 2024, the Standard Deduction for dependents is whichever is greater:

  1. $1,300
  2. earned income plus $450

Note that for option two, it can't equal more than the Standard Deduction for your filing status. So, if you are a single taxpayer under age 65, it couldn't exceed the $14,600 Standard Deduction for 2024.

For 2024, the baseline amount for those claimed as a dependent, increases to $1,300 and the Standard Deduction increase to $14,600 for those filing as Single.

Does the Standard Deduction change each year?

Yes, the Standard Deduction is adjusted each year for inflation. Before filing your taxes, you should check how much the Standard Deduction is for the year.

Who's eligible for a Standard Deduction increase?

The federal income tax system increases the Standard Deduction for taxpayers who are age 65 or older, blind, or both. The IRS allows the blindness adjustment for people who are either partially or totally blind. The tax code defines "partly blind" as having a field of vision of no more than 20 degrees or corrected vision no better than 20/200; you'll need a certified statement from an eye doctor backing up your claim. Many states offer similar adjustments for age and blindness.

TurboTax Tip:

You can choose between the Standard Deduction and itemizing your deductions, but itemizing usually only makes sense if your deductible expenses are higher than the Standard Deduction.

Who can’t claim the Standard Deduction?

Some taxpayers can't take the federal Standard Deduction. If you are married but file taxes separately and your spouse itemizes deductions on their return, then you can't claim the Standard Deduction. You also can't claim it if you (or your spouse, if filing jointly) were a nonresident alien at any time during the tax year. Finally, if you change your annual accounting period and file a return that covers less than 12 months, the Standard Deduction isn't available to you.

What is the difference between Standard Deductions vs. itemized deductions?

While the Standard Deduction is a fixed dollar amount, an itemized deduction allows you to account for all applicable deductions individually. Itemized deductions are usually used when your eligible expenses are higher than the amount of the Standard Deduction.

To itemize deductions, you would use Schedule A, which allows you to enter individual amounts for expenses that fit into the categories outlined. This includes medical and dental expenses, gifts to charity, and other itemized deductions.

Is it better to use the Standard Deduction or itemize?

It's much simpler to claim the Standard Deduction over itemized deductions, but it could cost you money. The IRS recommends that you take the time to run the numbers to see which option gives you a bigger deduction (TurboTax will do this for you).

In particular, you might consider itemizing if you made substantial charitable donations, if you paid mortgage interest and property taxes on your home, or if you had large amounts of out-of-pocket medical expenses.

What if the Standard Deduction is more than my income?

There are generally three scenarios that may apply to you:

  1. In many cases, if you don’t earn more than the Standard Deduction you won’t have to file income taxes. For example, if the Standard Deduction is $12, 950, and you earn less than $12,950, then you might not need to file your income tax return. See the next point for further clarification.
  2. You might have to file income taxes, even though your earnings were less than the Standard Deduction, depending on the type of income you earned. For example, if you earn self-employment income, you’ll have to file if it’s over the self-employment reporting threshold.
  3. If you had too much money withheld throughout the year, even if your earnings weren't more than the Standard Deduction, you’ll need to file income taxes if you want to receive a refund.
  4. If you’re below the income threshold that would require you to file, but you qualify for refundable credits, you may want to consider filing anyway to take advantage of the refund you’re entitled to based on those credits.

For a full explanation, read our article on who needs to file an income tax return.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • More self-employed deductions: based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don't support the following tax situations: C-Corps (Form 1120) and entities electing to be treated as a C-Corp, Trust/Estates (Form 1041), Tax Exempt Entities/Non-Profits, returns that require more than 5 state filings, and other issues unrelated to the preparation of a tax return or unrelated to business income/franchise taxes. TurboTax Live Assisted Business is currently available only in AK, AZ, CA, CO, CT, DE, FL, GA, ID, IL, KS, MA, MD, ME, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WV, and WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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