2024 Tax Standard Deduction Amount

2024 Tax Standard Deduction Amount. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.

For 2023, the standard deduction was $13,850 for individuals, $27,700 for joint filers, or $20,800 for heads of household. It incorporates key proposals from the 2024.