Standard Deduction For 2024 Single. The irs adjusts the standard deduction. The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.
If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. $14,600 for married couples filing.