standard deductions 2024

[user17643061879]

If My standard deduction set by the government, is over my itemized deductions, do I only get the standard deduction or is an itemized deduction, (let say mortgage interest)  get added to the standard deduction?  Do I have to take the standard deduction if it is more.

[xmasbaby0 · Accepted solution]

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the tax laws that have been in effect since 2018, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

The tax laws have changed for 2025 returns which will be filed in 2026.   The "cap" on state and local taxes has been raised to $40K for a joint return.  Medical deductions are still at 7.5% of the amount over your AGI.

2025 STANDARD DEDUCTION AMOUNTS

SINGLE $15,750  (65 or older/legally blind + $2000)

MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600)

MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600)

HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)

For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out above certain incomes.

[NCperson · Accepted solution]

@user17643061879 you get either the standard deduction or the itemized deduction, which ever is greater. 

itemized does not get added to standard

it is that simple. 

[rjs]

You get either the standard deduction or itemized deductions, not both.

If you want to, for some reason, you can take itemized deductions instead of the standard deduction, even if the itemized deductions are less than the standard deduction. But you will pay more tax that way.

If your filing status is married filing separately there are additional considerations and you might not be free to choose which deduction you take. You have to coordinate with your spouse.