2024 Standard Tax Deduction For Single

2024 Standard Tax Deduction For Single. 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. For the 2023 tax year, the additional standard deduction amounts are $1,850 for single filers or heads of household and $1,500 for married filers or qualifying widow(er)s.

The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.