Irs 2024 Standard Deduction

Irs 2024 Standard Deduction. The standard deduction for taxpayers who don't itemize their deductions on schedule a (form 1040) is higher for 2023 than it was for 2022. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%.

For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; For those taking the standard deduction, there’s good news: