2024 Standard Deduction. In 2024, the income limits for every tax bracket and all filers will be adjusted for inflation and will be as follows (table 1). For example, a single taxpayer earning us$40,000 a year and who had no children in the 2024 tax year would qualify for a standard deduction of $14,600.
How much is the standard deduction for 2024? The budget 2024 announced a rs.25,000 hike in the standard deduction under the new regime.