When you enter the applicable basic information in TaxAct, the software will automatically calculate if a taxpayer is eligible for the additional standard deduction amount. TaxAct^® will use the higher of your itemized deductions or the standard deduction for your filing status to maximize your tax benefit. The total of your itemized deductions is reported on Schedule A (Form 1040).

The standard deduction for 2024 for each filing status is:

In some cases, your standard deduction can consist of two parts, the basic standard deduction and an additional amount for age and/or blindness. The additional amount is an amount specified by law and varies based on your filing status. The additional amount for age will be allowed if you are age 65 or older at the end of the tax year. You are considered to be 65 on the day before your 65th birthday. The additional amount for blindness will be allowed if you are blind on the last day of the tax year. 

The standard deduction is increased by the following amounts for each qualifying factor (depending on the filing status):

To determine your allowed deduction, multiply the amount shown for "increase by filing status" (above) by the number of additional exemptions that the taxpayer (and spouse if filing joint) qualify for. For example, in a 2024 MFJ return where both taxpayers are over the age of 65, and the spouse is also blind, you multiply $1,550 by 3 and add that amount to the standard deduction of $29,200 to get $33,850.

The Standard Deduction on Dependent of Another returns follows different rules. The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of $1,300 or the individual's earned income for the year plus $450 (but not more than the regular standard deduction amount for that year).