What Is The Standard Deduction For 2024 Irs. The standard deduction can lower a taxpayer’s taxable income by allowing them to deduct a specified amount defined by the irs on their tax. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.
Standard deductions reduce a taxpayer’s taxable income and vary based on filing status. Everyone , who does not claim itemised deduction, can opt for standard deduction which is the simplest deduction.just note that there are other deduction ,popularly known as “above.