2024 Standard Deduction Mfj. The standard deduction will be cut almost in half and the child tax credit will be reduced. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.
A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023.