2024 Tax Brackets And Standard Deduction

2024 Tax Brackets And Standard Deduction. The standard deduction for a single person will go up from $13,850. Your bracket depends on your taxable income and filing status.

For married couples filing jointly for tax year 2024, the deduction increased to $29,200, up $1,500 from tax year 2023, the irs said. Standard deductions reduce a taxpayer’s taxable income and vary based on filing status.