What Is Standard Tax Deduction For 2024 Taxes. Standard deductions are rising in 2024, as shown in the table below. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750.
The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year. It was nearly doubled for all classes of filers by the 2017 tax cuts and jobs act ( tcja ) as.
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