Standard Deduction 2024 Over 65 Mfj. Section 63(c)(2) provides the standard deduction for use in filing individual income tax returns. Most taxpayers pay a maximum 15% rate, but a 20% tax rate applies to the extent that taxable income exceeds the thresholds set for the 37% ordinary tax rate.
Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401k and maximum ira contribution levels, etc.). The standard deduction amounts in 2023 & 2024, & what percent of taxpayers claim standard vs itemized deductions.