Standard Tax Deduction 2024. These amounts are provided in the chart below. Learn how it affects your taxable income and any limits on claiming it.
The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. For married couples who file jointly, it will grow $1,500 to.
The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
The 2024 Standard Deduction For Tax Returns Filed In 2025 Is $14,600 For Single Filers, $29,200 For Joint Filers Or $21,900 For Heads Of Household.
The amount of the standard deduction is as follows:
Standard Tax Deduction 2024 Images References :
Here's A Look At The Projected Numbers For The Tax Year 2024, Beginning Jan.
For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married couples.
Learn How It Affects Your Taxable Income And Any Limits On Claiming It.
For individuals, the new maximum will be $14,600 for 2024, up from $13,850, the irs said.