What Is Standard Tax Deduction For 2024. Tax rates report, giving you an early look at what brackets and other key tax figures will look like in 2024. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the.
The standard deduction is a fixed dollar amount that reduces the amount of income you get taxed on. The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household.