What Is Standard Tax Deduction For 2024 Taxes. The standard deduction applies to the tax year, not the year in which you file. If you expect to claim the standard deduction on your 2024 tax return, enter the amount on line 2a.

The standard deduction is a fixed dollar amount that reduces the amount of income you get taxed on. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for joint filers.