Standard Deduction For 2024 Tax Year. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for heads of household. In addition to tax brackets, standard deductions are another critical component of the tax code.
Section 63 (c) (2) of the code provides the standard deduction for use in filing individual income tax returns. What are the standard deductions for tax year 2024?