2024 Tax Standard Deduction Amounts

2024 Tax Standard Deduction Amounts. The irs adjusts the standard deduction. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).

The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401k.