2024 Single Standard Deduction Amount. The 5.4% increase translates to a $750 jump in the basic standard deduction from 2023 to 2024 for single taxpayers, a $1,500 rise for joint filers, and a $1,100 boost. If you’re filing as single or married filing separately, you can deduct $13,850 for tax year 2023 (and $14,600 for.
Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401k. You don’t pay federal income tax on every dollar of your income.