Standard Deduction Increase: The IRS has increased the standard deduction amount for dependents in 2023 and 2024. This means that families will be able to reduce their taxable income even more, ...

The 2025 standard deduction for dependents is limited to either $1,350 or the sum of $450 and the dependent’s earned income, whichever is greater.

The TCJA eliminated exemptions in favor of a higher standard deduction. However, listing dependents on your return is still required if you plan to claim the Child Tax Credit or the child and ...

Those dependents who have earned income can qualify for a higher standard deduction that's equal to their total earned income plus $350, up to the normal standard deduction amount for the dependent.

Question from Sue February 5, 2011 at 5:10am Richard, I claimed my 20 yr old and 18 yr old as student dependents when doing my federal tax return this year. They both worked and the 18 year old ...

Your standard deduction for the year primarily depends on your filing status, but it can also be impacted by your age, whether or not you’re a dependent, and even your vision. For the 2024 tax ...

Standard deductions are adjusted each year for inflation and vary according to filing status, whether you’re 65 or older and/or blind and whether another taxpayer can claim you as a dependent.

Dependents that can be claimed on another person’s tax return for the 2023 fiscal year are limited to a standard deduction of either $1,250 or your earned income plus $400, whichever is greater ...

Personal exemptions will remain at zero and itemized deductions remain unlimited, both a result of the Tax Cuts and Jobs Act of 2017. This policy is set to expire at the end of 2025.

The standard deduction — which is the amount of money you can reduce from your income before it's taxed, if you choose not to itemize your deductions — will increase to $15,000 for individual ...

On Tuesday, the Internal Revenue Service announced its annual inflation adjustments for 2025, including updates to the federal income tax brackets and standard deduction. The standard deduction ...