Standard Deduction For 2024 Taxes. For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay.
These amounts are provided in the chart below. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
Standard Deduction For 2024 Taxes Images References :