2024 Tax Standard Deduction Amount. If you itemize your deductions for a taxable year on schedule a (form 1040), itemized deductions, you may be able to deduct the medical and dental expenses you paid for yourself, your spouse, and your dependents during the taxable year to the extent these expenses exceed 7.5% of your adjusted. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay.
The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.
2024 Tax Standard Deduction Amount Images References :