Standard Deduction 2025 Tax Year. Taxpayers under age 50 can contribute $7,000 to an ira in 2025. The 2025 tax year standard deduction for married couples filing jointly rises to $30,000 — an $800 increase from $29,200 for the 2024.

For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024. The standard deduction will go up to $15,000 for 2025 tax returns — up $400 from 2024 — for single taxpayers and married individuals filing separately.