Income Tax Standard Deduction 2024 Single. The irs allows every taxpayer, based on your filing status, to deduct a flat dollar amount from your adjusted gross income (agi). The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.
Yes, the standard deduction is adjusted each year for inflation. Find the new rates and information on extra benefits for people over 65.
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