Standard Deduction 2024 Irs 2024. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%. The standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers.

Standard deduction and personal exemption. 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.