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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 deduction for 2024 is $14,600 for single filers, $29,200 for joint filers, and $21,900 for heads of household. People 65 or older may be eligible for a higher amount.
The IRS has released the standard deduction amounts for the 2024-2025 tax year. Find the new rates and information on extra benefits for people over 65.
Per the IRS, the standard deduction amount for tax year 2023 (filed in 2024) is $13,850 for single filers, $27,700 for married couples and $20,800 for heads of household.
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 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 top marginal tax rate in tax year 2024, will remain at 37% for single individuals with incomes greater than $609,350.
How much is the standard deduction for 2024? The IRS released the 2024 standard deduction amounts for returns normally filed in April 2025. These amounts are provided in the chart below.
What is the standard deduction for taxes in 2024 and 2025? Claiming this could lower your tax bill. The standard deduction is a flat amount that reduces your taxable income and potentially your tax bill.
2024 2025 Standard Deduction. You don’t pay federal income tax on every dollar of your income. You deduct an amount from your income before you calculate taxes. About 90% of all taxpayers take the standard deduction. The other ~10% itemize deductions when their total deductions exceed the standard deduction.