Standard Deductions 2024 Irs. The standard deduction for taxpayers who don't itemize their deductions on schedule a (form 1040) is higher for 2023 than it was for 2022. The irs released the 2024 standard deduction amounts for returns normally filed in april 2025.
Federal income tax rates and brackets. Standard deduction limit in new tax regime raised to rs 75,000 union budget 2024: