2024 Standard Tax Deduction Amount 2024. For taxable years beginning in 2024, the standard deduction amount under § 63 (c) (5) for an individual who may be claimed as a dependent by another taxpayer cannot exceed. 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.

For single taxpayers, the 2024 standard deduction is $14,600, up $750 from 2023; Last week, they released their numbers for tax year 2024,.