What are the changes in the standard deduction for 2024?
An example of an AI chatbot conversation about changes in the standard deduction for 2024.
What are the changes in the standard deduction for 2024?
For 2024, the standard deduction has increased to $14,600 for single filers and $29,200 for married couples filing jointly.
How does this affect my tax return?
An increased standard deduction means you can reduce your taxable income more, potentially lowering your tax bill.
Are there any changes for dependents?
Yes, the standard deduction for dependents has also increased, allowing for more tax savings.
What if I itemize my deductions instead?
If you itemize, you can still do so, but you may want to compare it with the standard deduction to see which is more beneficial.
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