2024 Standard Deduction. The agency has boosted the income thresholds for each bracket, applying to tax year 2024 for. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%.

These amounts are provided in the chart below. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.