Standard Deduction 2024 Mfj Tax. If you expect to claim the standard deduction on your 2024 tax return, enter the amount on line 2a. Standard deduction limit for dependents the basic standard deduction is capped for people who can be claimed as a dependent on someone else’s tax return.
The standard deduction will be cut almost in half and the child tax credit will be reduced. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.