What Is the Standard Deduction?

The standard deduction is a flat dollar amount you can subtract from your income before calculating your taxes — no receipts required. The amount depends on your filing status and adjusts each year for inflation. For 2024, it's $14,600 for single filers and $29,200 for married couples filing jointly. If your itemized deductions are less than the standard deduction, you should take the standard deduction — most people do. Older adults and blind taxpayers get a higher standard deduction.