Standard Deduction For 2024 Irs. Brooks distinguished professor of law. The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year.
The standard deduction is a major way most americans reduce their taxable income each year — and with inflation’s burn, the deduction’s amount will jump higher in. In addition to covering taxpayers claiming the standard deduction and deductions for student loan interest and educator expenses, direct file will also support.