What Is Standard Tax Deduction For 2024

What Is Standard Tax Deduction For 2024. The irs has released higher federal tax brackets for 2024 to adjust for inflation. The 2024 standard deduction for tax returns filed in 2025 is $14,600 for single filers, $29,200 for joint filers or $21,900 for heads of household.

In a move aimed at boosting tax savings, the finance minister announced that the standard deduction limit. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.