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 |
| 15% | Up to $533,400 | Up to $600,050 | Up to $300,000 | Up to $566,700 |
| 20% | 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
2025 Earned Income Tax Credit
Standard vs. Itemized Deductions
The standard deduction is a fixed amount published by filing status. Itemized deductions are reported on Schedule A under the applicable IRS rules.
Mortgage interest, state and local taxes subject to the current-year SALT limit, charitable contributions, and qualifying medical expenses are among the Schedule A categories.
Retirement Contributions
Contributions to tax-advantaged retirement accounts directly reduce your taxable income for the current year (traditional accounts) or grow tax-free for retirement (Roth accounts).
401(k) / 403(b) / 457: The 2026 employee contribution limit is $24,500 (up from $23,500 in 2025). Workers aged 50+ can contribute an additional $8,000 catch-up contribution. A "super catch-up" of $11,250 applies for ages 60–63 under SECURE 2.0.
Traditional IRA: The 2025 contribution limit is $7,000 ($8,000 if age 50+). Contributions are deductible if you (or your spouse) are not covered by a workplace plan, or if income is below the phase-out range. Deductibility phases out between $79,000–$89,000 (Single) and $126,000–$146,000 (MFJ) if covered by a workplace plan.
HSA (Health Savings Account): Contributions are triple tax-advantaged, deductible when contributed, grow tax-free, and are withdrawn tax-free for qualified medical expenses. 2025 limits: $4,300 (self-only HDHP coverage) and $8,550 (family coverage), plus $1,000 catch-up for age 55+.
Healthcare Deductions
Medical and dental expenses that exceed 7.5% of your Adjusted Gross Income (AGI) are deductible if you itemize. For a taxpayer with $60,000 AGI, only expenses above $4,500 are deductible.
Qualifying expenses include: doctor and hospital fees, prescription drugs, dental and vision care, long-term care insurance premiums, and transportation costs for medical care. Cosmetic procedures generally do not qualify.
Self-employed individuals can deduct 100% of health insurance premiums for themselves, spouses, and dependents as an above-the-line deduction, regardless of whether they itemize. This deduction reduces AGI and applies even if total medical expenses don't clear the 7.5% threshold.
Education Credits
Education tax credits directly reduce your tax bill, dollar for dollar, making them more valuable than deductions of the same amount.
American Opportunity Tax Credit (AOTC): Up to $2,500 per eligible student for the first 4 years of higher education. 40% is refundable (up to $1,000). Income phase-out begins at $80,000 MAGI (Single) and $160,000 (MFJ).
Lifetime Learning Credit (LLC): Up to $2,000 per tax return (20% of up to $10,000 in qualified education expenses). No limit on the number of years. Phase-out begins at $80,000 MAGI (Single) and $160,000 (MFJ). Not refundable.
You cannot claim both credits for the same student in the same year. The AOTC generally offers a higher benefit for full-time undergraduates; the LLC is more flexible for part-time students and graduate education.
Charitable Giving
Charitable contributions to qualified 501(c)(3) organizations are deductible if you itemize. The deduction limit depends on the type of contribution and the organization.
Cash donations to public charities: Deductible up to 60% of AGI. Excess can be carried forward for up to 5 years.
Appreciated securities (stocks, funds): The IRS publishes fair-market-value and AGI-limit rules for qualifying contributions; this page records the general 30% AGI limit for the cited category.
Non-cash property: Deductible at fair market value, generally limited to 30% of AGI (20% for capital gain property donated to private foundations). Items valued over $500 require Form 8283; over $5,000 requires a qualified appraisal.
A Donor-Advised Fund (DAF) allows you to contribute a lump sum in a high-income year (taking the deduction immediately) and distribute grants to charities over multiple years.
Data Sources
Standard deduction amounts and contribution limits: IRS Revenue Procedures (annual inflation adjustments), IRS Publication 502 (medical), IRS Publication 526 (charitable), IRS Publication 970 (education).
Retirement contribution limits: IRS Notice 2024-80 (2025 amounts), SECURE 2.0 Act (super catch-up provisions).
This page is a source-linked federal tax reference. It does not determine an individual filing position, deduction treatment, or tax outcome.
Frequently Asked Questions
What is the standard deduction for 2025?
The 2025 standard deduction is $15,750 for Single filers, $31,500 for Married Filing Jointly, $15,750 for Married Filing Separately, and $23,625 for Head of Household. Filers aged 65+ or blind receive additional amounts.
How do the standard and itemized deductions differ?
The standard deduction is a fixed IRS-published amount for each filing status. Itemized deductions are Schedule A categories, including capped state and local taxes, qualifying mortgage interest, charitable contributions, and qualifying medical expenses. Their treatment depends on the rules for the relevant tax year.
What is the Child Tax Credit for 2025?
The 2025 Child Tax Credit is up to $2,200 per qualifying child under age 17 (made permanent by OBBBA). Up to $1,700 is refundable as the Additional Child Tax Credit (ACTC). The credit begins phasing out at $200,000 MAGI for single filers and $400,000 for married filing jointly.
How much can I contribute to a 401(k) in 2026?
The 2026 employee contribution limit for 401(k), 403(b), and 457 plans is $24,500. Workers aged 50+ can add an $8,000 catch-up contribution. Under SECURE 2.0, workers aged 60–63 qualify for a $11,250 super catch-up contribution.
What is the SALT deduction cap?
For 2025, the state and local tax (SALT) deduction limit is $40,000 ($20,000 for married filing separately), subject to an income-based phaseout that does not reduce the limit below $10,000. For 2026, the limit is $40,400 ($20,200 for married filing separately). See the SALT cap guide for the current-year details.
Tax Guides
Standard vs. Itemized
Published deduction categories and the current SALT cap.
Child Tax Credit Guide
Eligibility, amounts, and income phase-outs.
SALT Cap Explained
The published annual limit and phaseout rules.
Federal tax-rate reference
IRS-published brackets and standard deductions by filing status.
Related Resources
Federal tax calculator
Estimate your federal tax bill including deductions by income and filing status.
Federal tax statistics
Key findings, deduction matrices, and contribution-limit tables from the IRS corpus.
Interactive tax tools
Marginal rate lookup, bracket comparison, and EITC eligibility checker.
2026 tax deadlines
Filing deadlines, extension dates, and estimated payment schedule.
Standard deduction by year
Ranked deduction amounts across 2020–2026 for every filing status.
2026 tax brackets
All 7 marginal rates across all 4 filing statuses.