Irs Standard Deduction For Tax Year 2024

Irs Standard Deduction For Tax Year 2024. It will rise to $29,200, up from $27,700 in 2024 for. If you expect to claim the standard deduction on your 2024 tax return, enter the amount on line 2a.

Seniors over age 65 may claim an additional standard deduction of $1,950 for. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the.