2024 Standard Tax Deduction Amounts. When the 2017 tax cuts and jobs act nearly doubled the standard deduction in 2018, many taxpayers stopped itemizing on their returns. โ for the 2023 tax year, which is filed in early 2024, the federal standard deduction for single filers and married folks filing separately was $14,600.
Tax rates report, giving you an early look at what brackets and other key tax figures will look like in 2024. โ 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.
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