What Is The Standard Deduction For 2024 Mfj. The standard deduction is a fixed dollar amount you may subtract from your taxable income — meaning more of your money isn’t subject to taxes — resulting. The standard deduction is a fixed amount you can deduct from your taxable income that is adjusted every year to keep up with inflation.

Section 63(c)(2) provides the standard deduction for use in filing individual income tax returns. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.