What Is The Irs Standard Deduction For 2024

What Is The Irs Standard Deduction For 2024. If the provision expires, the tax brackets will revert to 2017 levels, shifting to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. People who are age 65 and over have a higher standard deduction than the.

Each year, the irs adjusts the standard deduction to account for inflation, impacting millions of taxpayers. The irs updates the standard deduction amount each tax year to account for inflation.