2024 Single Standard Deduction Amount. Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401k. 5 crore by more than the amount of income that.
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). 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.