Standard Deduction 2024 Married Jointly. Single filers are taxed at the lowest marginal tax rate of 10% on their first $11,600. Married individuals filing jointly get double that allowance, with a standard deduction of $29,200 in 2024.

The standard deduction is the fixed amount the irs allows you to deduct from your annual income even if you don’t itemize your tax return. 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.