2024 Standard Deduction Irs. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). The standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers.

The difference between standard and itemized deductions, and what they mean. Taxpayers who are 65 and older, or are blind, are eligible for an additional.