2024 Standard Deduction Irs. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket for the income you earn in 2024. The irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns.
Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum. If you are 65 or older and blind, the extra standard deduction for 2024 is $3,900 if you are single or filing as head of household.
