Cody Barbara

Income Tax Standard Deduction 2024. Special standard deduction rules extra standard deduction 65 or older and. The standard deduction will rise to $14,600 for single taxpayers, a $750 increase, the agency announced thursday.

For individuals, the new maximum will be $14,600 for 2024, up from $13,850, the irs said. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the.