Irs Standard Deduction For 2024 Tax Year. 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 top marginal income tax rate of 37 percent will hit taxpayers with taxable income.

The irs is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation. The irs will publish the official tax brackets and other tax numbers for 2024 later this year, likely in october.