Standard Deduction For 2024-25 . Also, for 2024, it's predicted that the standard deduction for an individual who may be claimed as a dependent by another taxpayer will not be more than: The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.
The annual standard deduction is a static amount determined by congress. 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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