2024 Standard Deduction Single. The standard deduction for a dependent is limited to the greater of: The standard deduction can lower a taxpayer’s taxable income by allowing them to deduct a specified amount defined by the irs on their tax.
Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers. The standard deduction for single filers or married couples filing separately is $14,600 for 2024, a $750 increase.