2024 Standard Tax Deduction Amount For 2024. For 2024 (tax returns typically filed in april 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately; Last updated 14 june 2024.

The hike in standard deduction will benefit salaried individuals and pensioners by reducing their taxable income, thereby lowering their tax liability. In a bid to give a boost to salaried taxpayers, finance minister nirmala sitharaman on tuesday increased the standard deduction limit from 50,000 to 75,000.