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April 3, 2025
Question

what is govt exclusion amount ?

  • April 3, 2025
  • 1 reply
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    1 reply

    JohnB5677
    April 3, 2025

    I think your asking about the standard deduction.

     

    The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has increased. 

     

    The standard deduction amounts for 2024 are:

    • $29,200 – Married Filing Jointly or Qualifying Surviving Spouse (increase of $1,500)
    • $21,900 – Head of Household (increase of $1,100)
    • $14,600 – Single or Married Filing Separately (increase of $750)

    Taxpayers who are 65 and Older or are Blind

    For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:

    • $1,950 for Single or Head of Household (increase of $100)
    • $1,550 for married taxpayers or Qualifying Surviving Spouse (increase of $50)

    Dependents

    For 2024, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $1,300, or (2) the sum of $450 and the individual's earned income.

     

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