What Is The Standard Deduction For 2024. The standard deduction of rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and. The standard deduction in 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households.
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). Seniors over age 65 may claim an additional standard deduction.