What Is The Standard Deduction For 2024 Irs. It will rise to $29,200, up from $27,700 in 2024 for married couples. Here’s how that works for a single person with taxable income of $58,000 per year:

For single taxpayers (and those married filing separately) the standard deduction rises to $14,600 for 2024 (up $750 from 2023). The standard deduction is a specific dollar amount that filers can subtract from their adjusted gross income to lower how much of their.