2024 Irs Standard Deduction Amount

2024 Irs Standard Deduction Amount. 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 for the. 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.

The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). Sensex and nifty50 hit fresh lifetime highs on thursday (july 18).

The Additional Standard Deduction Amount Is.

For 2024, the additional standard deduction amount for the aged or the blind is $1,550.

The Standard Deduction Will Increase By $750 For Single Filers And By $1,500 For Joint Filers (Table 2).

If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.