How Much Is The Standard Deduction For 2024 Irs. Your standard deduction depends on your filing status, age and whether a taxpayer is blind. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.
A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the.
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