What Is The Standard Deduction For 2024 Mfj

What Is The Standard Deduction For 2024 Mfj. For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows. The irs has established updated standard deductions based on the newly announced tax brackets:

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. That’s up $1,900 from last year.