Standard Deduction For 2024 Single Student. 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. The irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns.
The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. Single or married filing separatelyโ$14,600.