What Is The Standard Deduction For 2024 Income Tax. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; Standard deduction limit for family pensioners hiked to rs 25,000 from rs.

$14,600 for married couples filing. The deduction set by the irs for the 2024 tax year is as follows: