Standard Deduction For 2024 Tax Year. For 2024 (tax returns typically filed in april 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately; And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. If you expect to claim the standard deduction on your 2024 tax return, enter the amount on line 2a.