Standard Tax Deduction 2024 Married Jointly. The standard deduction is a flat amount that reduces your taxable income and potentially your tax bill. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for.

Single filers are taxed at the lowest marginal tax rate of. The amount, set by the irs, could vary by tax year and filing.