Standard Deduction 2024 Married Filing Jointly. The standard deduction is a flat amount that reduces your taxable income and potentially your tax bill. You are married but filing separate tax returns and your spouse itemizes deductions.

In 2024, it is $14,600 for single taxpayers and $29,200 for married taxpayers filing jointly, slightly increased from 2023 ($13,850 and $27,700). The standard deduction is a flat amount that reduces your taxable income and potentially your tax bill.