2024 Standard Deduction Irs. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket. Seniors over age 65 may claim an additional standard deduction of $1,950 for single filers and $1,550 for.

Your standard deduction consists of the sum of the basic standard. Here are the standard deduction amounts set by the irs: