How Much Is The Standard Deduction For 2024. The standard deduction is a fixed dollar amount that reduces your taxable income. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%.

For 2024, the additional standard deduction amount for the aged or the blind is $1,550. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).