Standard Deduction For 2024 Tax Year . The standard deduction in 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households. The federal income tax has seven tax rates in 2024:
The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket for the income you earn in 2024. The standard deduction for taxpayers who don’t itemize their deductions on schedule a (form 1040) is higher for 2023 than it was for 2022.
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