Standard Deduction 2024 Mfj Tax. Key changes include raising the standard deduction for salaried employees from ₹50,000 to ₹75,000 and increasing family pension deductions. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.

The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household. For the tax year 2024, people who qualify as heads of household are eligible for a standard deduction of $21,900.