Maine Standard Deduction

For tax year 2024, the Maine standard deduction is $14,600.00 for single filers and $29,200.00 for married couples filing jointly, as published by the Maine Revenue Services. It is subtracted from your gross income to give your Maine taxable income.

The standard deduction lowers your Maine taxable income, which is the figure the state income tax brackets are applied to. A single filer with $60,000.00 of gross income and the $14,600.00 standard deduction has $45,400.00 of Maine taxable income before any other adjustments.

Take whichever is larger. If your total itemised deductions allowed by Maine exceed the standard deduction of $14,600.00 (single) or $29,200.00 (married jointly), itemising lowers your taxable income more. Otherwise the standard deduction is simpler and larger. Check the rules with the Maine Revenue Services.

Maine has three brackets for 2024. Single filers pay 5.8% on $0-$24,500, 6.75% on $24,501-$58,050, and 7.15% on income above $58,050. Married filing jointly thresholds are approximately double: 5.8% on $0-$49,050, 6.75% on $49,051-$116,100, and 7.15% above $116,100. Maine adjusts these thresholds annually for inflation. Authority: Maine Revenue Services, Maine Revised Statutes Title 36 §5111.

Yes, Maine has its own individual Alternative Minimum Tax. Maine's AMT is calculated separately from regular Maine income tax and applies if it exceeds the regular tax amount. Maine's AMT conforms in large part to the federal AMT framework but uses Maine-specific rates and exemptions. Taxpayers with significant preference items or deductions should calculate both their regular Maine tax and their Maine AMT to determine which applies. See Maine Revised Statutes Title 36 §5203-C.

Maine allows a deduction for Social Security benefits that are included in federal adjusted gross income. However, the deduction phases out for higher-income taxpayers. For 2024, the deduction is available in full for Maine AGI below certain thresholds and is reduced or eliminated as income rises. Lower-income retirees may pay little or no Maine income tax on their Social Security benefits. Maine Revenue Services publishes the current phase-out thresholds in its annual instruction booklets.

Maine conforms directly to the federal standard deduction, so for 2024 the Maine standard deduction is $14,600 for single filers and $29,200 for married filing jointly, matching the federal amounts exactly. This is more generous than several neighboring states that maintain their own lower standard deductions. Maine also allows additional deductions for the elderly and blind, matching the federal additional standard deduction amounts. Maine Revised Statutes Title 36 §5125.