In 2024, it is $14,600 for single taxpayers and $29,200 for married taxpayers filing jointly, slightly. The irs has released its 2024 standard deduction amounts.
It’s $21,900 for heads of household and $29,200 for married filing jointly or qualifying. For 2023 taxes, due in april 2024, the standard deduction is $13,850 for single filers and those who are married filing separately.
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.
The interim budget presented in february this year before the announcement of the lok sabha elections had left the income tax slabs untouched.
What Is The Standard Deduction For 2024?
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.
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It's $21,900 For Heads Of Household And $29,200 For Married Filing Jointly Or Qualifying.
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The 2024 Standard Deduction Amounts Are As Follows:
For 2023 taxes, due in april 2024, the standard deduction is $13,850 for single filers and those who are married filing separately.