Standard Deduction For 2024 Tax Year. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750. Tax rates report, giving you an early look at what brackets and other key tax figures will look like in 2024.

Standard deduction limit for family pensioners hiked to rs 25,000 from rs 15,000. Here are the standard deduction amounts set by the irs: