Standard Deduction For 2024 Tax Year

Standard Deduction For 2024 Tax Year. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.

 — a married couple filing jointly with a combined income of $50,000 per year would see a bigger tax increase from the expiration of the tcja, on a percentage basis, than a couple making $1 million.  — the standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household.