2024 Standard Tax Deduction Amount For 2024. The irs on thursday announced higher federal income tax brackets and standard deductions for 2024. For 2024, that extra standard deduction is $1,950 if you are single or file as.
The standard deduction is a major way most americans reduce their taxable income each year — and with inflation’s burn, the deduction’s amount will jump higher in. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).
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