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Standard Deduction Amounts. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.
The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%.
The IRS has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns.
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (Table 2). Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.
The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.
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 heads of household.
The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.
2024, the standard deduction amount has been increased for all filers, and the amounts are as follows. • Single or Married Filing Sepa-rately—$14,600. • Married Filing Jointly or Qualifying Surviv-ing Spouse—$29,200. • Head of Household—$21,900. Retirement savings contribution credit in-come limits increased. In order to claim this ...
The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household. Learn more.