What Is The Standard Deduction For 2024 Mfj. The deduction set by the irs for the 2024 tax year is as follows: The standard deduction is a fixed dollar amount you may subtract from your taxable income — meaning more of your money isn’t subject to taxes — resulting in either a lower tax bill or a.
People 65 or older may be eligible for a higher amount. The basic standard deduction in 2024 and my estimate for 2025 are: