What Is The Standard Deduction For 2024 Irs. The standard deduction is a fixed dollar amount that reduces your taxable income. Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum.

The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of.