Here are the standard deduction amounts set by the irs: For the tax year 2024, the standard deduction for married couples filing jointly will increase to $29,200, an increase of $1,500 over the tax year 2023.
The additional standard deduction amount for 2024 is $1,550. For 2023 (tax returns typically filed in april 2024), the standard deduction amounts are $13,850 for single and for those who are married, filing separately;
Here Are The Standard Deduction Amounts Set By The Irs:
[* section 103(a) of the jobs and growth tax relief reconciliation act of 2003 (p.l.
Richard Says October 13, 2023 At 2:29 Am
For the tax year 2024, the top tax rate is 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).
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The Additional Standard Deduction Amount For 2024 Is $1,550.
The standard deduction is the fixed amount the.
The Standard Deduction For Couples Filing Jointly Is $29,200 In 2024, Up From $27,700 In The 2023 Tax Year.
The legislation raises the standard deduction in 2024, 2025, 2028, 2030, and 2031, expanding the amount of income that is exempt from taxation (see figure 1).
