Tax

Standard Deduction

A fixed dollar amount that reduces taxable income, taken instead of itemizing deductions. For 2024: $14,600 single, $29,200 married filing jointly, plus extra for age 65+ or blind.

Related Terms

Itemized Deductions
Taxable Income
Tax Deduction

Related Calculators

Take-Home Pay Calculator

Understanding Standard Deduction

Standard Deduction is a key concept in tax. Understanding this term helps you make more informed financial decisions. Use our related calculators above to see how standard deduction affects your specific situation.