What Is Standard Tax Deduction For 2024 Taxes. Also, standard deduction limit for family pensioners have been hiked to rs 25,000 from rs 15,000. 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.
Your standard deduction — the amount you can use as a deduction on your 1040 tax return without itemizing — will also be higher. The 2023 standard deduction is $13,850 for single taxpayers ($20,800 if you’re filing as head of household), $27,700 for married taxpayers, and slightly more if you’re over 65.