2024 Tax Rates Standard Deduction. New 2024 income tax brackets and a higher standard deduction may mean tax cuts for many americans. How much is the standard deduction for 2024?
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.