Irs 2024 Standard Deduction For Seniors. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023. The agency has boosted the income thresholds for each bracket, applying to tax year 2024 for.
The irs unveiled new tax brackets and larger standard deductions for 2024, allowing most americans to hold on to more of their income to keep up with inflation. Here are the standard deduction amounts for the 2023 tax returns that will be filed in 2024.