What Is The Standard Deduction For 2024 Income Tax
What Is The Standard Deduction For 2024 Income Tax. Standard deductions are rising in 2024, as shown in the table below. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.
Here’s a look at the projected numbers for the tax year 2024, beginning jan. 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.
