Income Tax Standard Deduction 2024. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025. 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 federal income tax has seven tax rates in 2024: About 90% of taxpayers take the standard deduction.