Standard Tax Deduction 2024 Married Jointly 2024 . You pay tax as a percentage of your income in layers called tax brackets. This means you can simply reduce your taxable income by $27,700 by claiming the standard deduction.
A married couple filing their 2024 tax return jointly with an adjusted gross income of $125,000 is entitled to a standard deduction of $29,200. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;
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