Irs Standard Deduction For Tax Year 2024. The standard deduction for people who are married filing jointly will go up $1,500 for the 2024 tax year, up from $27,700 to $29,200. People 65 or older may be eligible for a.
A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. In tax year 2024, the standard deductions are as follows:
Irs Standard Deduction For Tax Year 2024 Images References :