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TAXES

Who is not required to declare taxes in 2024?

The IRS’ standard deduction thresholds have been upped for 2023, meaning that you may no longer be required to pay federal income tax on your earnings.

Update:
IRS tells certain filers to hold off on their tax filing
Andrew KellyREUTERS

As we approach the end of the year, some will already be looking ahead to 2024 and the upcoming tax season in the United States.

However, not everyone is required to file a return with the IRS and low earners will not have to pay tax. If your total earnings are less than the standard deduction amount then you will not be required to declare taxes.

The term “standard deduction” is the earnings threshold below which you will not have to pay tax on your income. This either means that you can reduce your tax bill, or it could free you from income tax entirely.

READ ALSO: How much will the minimum wage increase in New York in 2024?

Standard Deduction 2023

For 2023 the IRS upped the standard deduction thresholds significantly, meaning that more people will not be required to pay federal income tax in their 2024 returns.

- Single; or Married and filing separately - $13,850

- Married filing jointly and Surviving spouses - $27,700

- Head of household - $20,800

If your earnings are less than those thresholds, then you will not be required to file a tax return in 2024. However there are some federal financial relief programs that require you to do so to claim your benefits.

Standard Deduction 2024

For 2024, the standard deductions are further increased. The deduction for 2024 is claimed on tax returns filed in 2025.

- Single; or Married and filing separately - $14,600

- Married filing jointly and surviving spouses - $29,200

- Head of household - $21,900

READ ALSO: US housing sales have plummeted 25 percent since 2022

What is the additional standard deduction?

Some earners are eligible for a slightly increased standard deduction, meaning that they can reduce their tax obligation or avoid federal income taxes entirely. If you are registered as blind or are aged 65 or older, you can claim the additional standard deduction.

This amount is added to the regular standard deduction to increase the threshold for eligible taxpayers, and will apply to the 2024 tax return:

Married Filing Jointly or Married Filing Separately

- Either 65 or older or blind - $1,500

- Both 65 or older and blind - $3,000

Single or Head of Household

- Either 65 or older or blind - $1,850

- Both 65 or older and blind - $3,700

Additional standard deductions for 2024 (2025 filing)

Married Filing Jointly or Married Filing Separately

- Either 65 or older or blind - $1,550

- Both 65 or older and blind - $3,100

Single or Head of Household

- Either 65 or older or blind - $1,950

- Both 65 or older and blind - $3,900

For more information on how to calculate your standard deduction for tax year 2023 (2024 filing), head over to the IRS’ preliminary instructions help page.

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