Income Tax Standard Deduction 2024 24 . The federal income tax has seven tax rates in 2024: The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.
The standard deduction for a single person will go. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;
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