2024 Standard Deductions And Tax Brackets. The 2024 standard deduction amounts are as follows: The standard deduction will rise to $14,600 for single taxpayers, a $750 increase, the agency announced thursday.
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 income you earn in 2024. See current federal tax brackets and rates based on your income and filing status.