Standard Deduction 2024 Irs 2024

Standard Deduction 2024 Irs 2024. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax. 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.


Standard Deduction 2024 Irs 2024

The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). In tax year 2024, the standard deductions are as follows:

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