What Is The Standard Deduction For 2024 Irs. The standard deduction is a major way most americans reduce their taxable income each year — and with inflation’s burn, the deduction’s amount will jump higher in 2024. Pilot for filing season 2024.
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. Here are the standard deduction amounts set by the irs: