2024 Standard Deduction Married Joint. The standard deduction for single filers and for married people who file separate returns rises to $14,600, up $750 from 2023; That’s the 2024 regular standard deduction of $29,200 for married taxpayers filing joint returns, plus three additional standard deductions at $1,550 apiece.
Find the current tax rates for other filing statuses. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).
How Much Is The Standard Deduction For 2024?
Income tax expectations budget 2024:
For The 2023 Tax Year (For Forms You File In 2024), The Standard Deduction Is $13,850 For Single Filers And Married Couples Filing Separately, $27,700 For Married.
Here’s how that works for a single person earning $58,000 per year:
2024 Standard Deduction Married Joint Images References :
A Married Couple Filing Their 2023 Tax Return Jointly With An Adjusted Gross Income Of $125,000 Is Entitled To A Standard Deduction Of $27,700.
For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married.
How Much Is The Standard Deduction For 2024?
The deduction set by the irs for the 2024 tax year is as follows: