How Much Is The Standard Deduction For 2024. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed. You deduct an amount from your income before you calculate taxes.

The additional standard deduction for the aged or the blind will be $1,550. Seniors over age 65 can claim an additional standard deduction of $1,950 for single filers and $1,550.