Standard Deduction For 2024 Irs. The irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns. 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.
When your income jumps to a higher tax bracket, you don’t pay the higher rate on your entire income. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, itโs possible you could fall into a lower bracket for the.
