Libby Othilia

Standard Deduction For 2024 Tax Year. $14,600 for married couples filing. If you are 65 or older and blind, the extra standard deduction for 2024 is $3,900 if you are single or filing as head of household.

The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. From hiking the standard deduction limit in the new tax regime to tweaking tax slabs to simplifying capital gains tax — budget 2024 has changed a host of tax rules.