2024 Standard Tax Deduction Amount. The amount of your standard deduction depends on several different factors. Earlier, the standard deduction was rs.50,000, and there has been no change in the old tax regime with respect to standard deduction.

 — the tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. The standard deduction for single filers for 2024 is $14,600.