What Is The Standard Deduction For 2024 Taxes In Usa. Here are the standard deduction amounts set by the irs: Your standard deduction consists of the sum of the basic.

The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the income you earn in 2024. The standard deduction is a flat reduction in your adjusted gross income.