What Is The Standard Deduction For 2024 Irs. 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. Your standard deduction — the amount you can use as a deduction on your 1040 tax return without itemizing — will also be higher.

The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. The standard deduction is a specific dollar amount that filers can subtract from their adjusted gross income.