2024 Single Standard Deduction Amount. The standard deduction is a fixed amount you can deduct from your taxable income that is adjusted every year to keep up with inflation. Trump’s 2017 tax law helped clean up the tax code, narrowing deductions for state and local taxes, as well as mortgage interest, while vastly.

For taxable years beginning in 2024, the additional standard deduction amount under § 63(f) for the aged or the blind is $1,550. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for.