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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 amounts for 2024 are $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.
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.
For 2024, the additional standard deduction is $1,950 if you are single or file as head of household. If you're married, filing, jointly or separately, the extra standard deduction amount is ...
The standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers. It will rise to $29,200, up from $27,700 in 2024 for married couples filing ...
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.
For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows. Single or Married Filing Separately—$14,600. Married Filing Jointly or Qualifying Surviving Spouse—$29,200.