What are the standard deduction amounts for single and married filers?
Standard Deduction Amounts for Tax Year 2024
The standard deduction amounts for the latest tax year, which is 2024, are as follows:
- Single Filers: The standard deduction for single taxpayers and married individuals filing separately is $14,600.
- Married Couples Filing Jointly: The standard deduction for married couples filing jointly is $29,200.
These amounts are applicable to income tax returns that will be filed in 2025. The information is detailed in the IRS's announcement of the annual inflation adjustments for more than 60 tax provisions for tax year 2024, as outlined in Revenue Procedure 2023-34.
Sources:
IRS provides tax inflation adjustments for tax year 2024 2024-08-04
IRS provides tax inflation adjustments for tax year 2023 2024-08-03
IRS provides tax inflation adjustments for tax year 2022 2024-08-03
Credits and deductions for individuals | Internal Revenue Service 2024-08-03
Publication 501 (2023), Dependents, Standard Deduction, and Filing ... 2024-08-03
Publication 505 (2024), Tax Withholding and Estimated Tax 2024-08-03
Questions and Answers on the Net Investment Income Tax 2024-08-03
Information and Filing Standard | Internal Revenue Service 2024-08-03
Publication 554 (2023), Tax Guide for Seniors | Internal Revenue Service 2024-08-03
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Disclaimer: the information provided does not, and is not intended to, constitute legal advice. Generative AI systems can make mistakes. Verify all important information.
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