Std Deduction For 2024

Std Deduction For 2024. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. The benefit of standard deduction is available for those who have salary.

The standard deduction for taxpayers who don’t itemize their deductions on schedule a (form 1040) is higher for 2023 than it was for 2022. These amounts are provided in the chart below.