What Is The Standard Deduction For 2024. People 65 or older may be eligible for a higher amount. The standard deduction is tied to inflation, so the amounts change a bit each year.

The standard deduction is a fixed amount employed individuals can subtract from their taxable salary income without providing evidence of actual expenses. The 2024 standard deduction is $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household.