2024 Standard Deduction Amount

2024 Standard Deduction Amount. The irs has released its 2024 standard deduction amounts. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed.

For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows.  — the standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).