Standard Deduction 2024 Irs Website. The standard deduction rose in 2024. Tax credits and deductions change the amount of a person's tax bill or refund.

The 2024 tax year standard deductions will increase to $29,200 for married couples filing jointly, up $1,500 from $27,700 for the 2023 tax year. The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed.