2024 Standard Deduction Amount . The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). 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.
How does the standard deduction work? The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household.
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