What Is Standard Tax Deduction For 2024 Taxes

What Is Standard Tax Deduction For 2024 Taxes. You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).

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. 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.