What Is The Standard Deduction For 2024 Mfj. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. The standard deduction for taxpayers will get the same 5.4% bump that the tax brackets received.
You don’t pay federal income tax on every dollar of your income. Per the irs, the standard deduction amount for tax year 2023 (filed in 2024) is $13,850 for single filers, $27,700 for married couples and $20,800 for heads of household.