Standard Deductions, Credits & Limits
Standard deduction amounts, capital gains thresholds, tax credit maximums, and retirement contribution limits from the IRS.
Standard Deduction by Year
| Year | Single | MFJ | MFS | HoH |
|---|---|---|---|---|
| 2026 | $16,100 | $32,200 | $16,100 | $24,150 |
| 2025 | $15,750 | $31,500 | $15,750 | $23,625 |
| 2024 | $14,600 | $29,200 | $14,600 | $21,900 |
| 2023 | $13,850 | $27,700 | $13,850 | $20,800 |
| 2022 | $12,950 | $25,900 | $12,950 | $19,400 |
| 2021 | $12,550 | $25,100 | $12,550 | $18,800 |
| 2020 | $12,400 | $24,800 | $12,400 | $18,650 |
Additional deduction for age 65+ or blind (2025): +$2,000 per condition (Single/HoH) or +$1,600 per condition per spouse (MFJ/MFS).
2025 Long-Term Capital Gains Rates
| Rate | Single | MFJ | MFS | HoH |
|---|---|---|---|---|
| 0% | Up to $48,350 | Up to $96,700 | Up to $48,350 | Up to $64,750 |
| 0.15% | Up to $533,400 | Up to $600,050 | Up to $300,025 | Up to $566,700 |
| 0.2% | Above | Above | Above | Above |
Applies to assets held longer than one year. Short-term gains are taxed as ordinary income.
Retirement & HSA Contribution Limits
| Account | 2025 Limit | 2025 Catch-Up | 2026 Limit | 2026 Catch-Up |
|---|---|---|---|---|
| Traditional / Roth IRA | $7,000 | +$1,000 (50+) | $7,500 | +$1,100 (50+) |
| 401(k) / 403(b) / TSP | $23,500 | +$7,500 (50+) | $24,500 | +$8,000 (50+) |
| 401(k) Ages 60–63 | $23,500 | +$11,250 | $24,500 | +$11,250 |
| HSA (Individual) | $4,300 | +$1,000 (55+) | $4,400 | +$1,000 (55+) |
| HSA (Family) | $8,550 | +$1,000 (55+) | $8,750 | +$1,000 (55+) |
2025 Child Tax Credit
Maximum per child$2,200
Refundable portionUp to $1,700
Phaseout (MFJ)$400,000 MAGI
Phaseout (Single)$200,000 MAGI
Child age limitUnder 17
2025 Earned Income Tax Credit
0 children Up to $649
1 child Up to $4,328
2 children Up to $7,152
3+ children Up to $8,046
Investment income limit $11,950
Standard vs. Itemized Deductions
Most taxpayers take the standard deduction — it's simpler and, since the 2017 Tax Cuts and Jobs Act nearly doubled it, it exceeds itemized deductions for the majority of filers.
You might benefit from itemizing if you have large mortgage interest, state/local taxes (up to $10,000 SALT cap), charitable donations, or medical expenses exceeding 7.5% of AGI.