What Is The Standard Deduction For 2024 Joint. Seniors over age 65 may claim an additional standard deduction. For the tax year 2024, the standard deduction for married couples filing jointly will increase to $29,200, an increase of $1,500 over the tax year 2023.

The standard deduction is a fixed dollar amount that reduces your taxable income. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.