2024 Standard Tax Deduction Amounts. 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. When the 2017 tax cuts and jobs act nearly doubled the standard deduction in 2018, many taxpayers stopped itemizing on their.
The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. The standard deduction is typically revised annually for inflation, and is different for each filing status.
