How Much Is Standard Deduction 2024 Single . The irs updates the standard deduction amount each tax year to account for inflation. Learn how it affects your taxable income and any limits on claiming it.
You can take the standard deduction or you can itemize your deductions. For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married couples filing.
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