Standard Deduction For 2024 Tax Return. 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. Your standard deduction consists of the sum of the basic standard.

Here are the standard deduction amounts for the 2023 tax returns that will be filed in 2024. The highest earners fall into the 37% range, while those who earn the least are in the.