2024 Standard Deduction Irs.  — the internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket.  — the irs has released the standard deduction amounts for 2024, which increase the amounts that will be available on 2023 tax returns.

The standard deduction for 2024 is: Your standard deduction consists of the sum of the basic standard.