2024 Standard Tax Deduction Amount. On the standard deduction, the finance minister has kept in mind also the retired employee who are getting pension. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to.

As per budget 2023, salaried taxpayers are now eligible for a standard deduction of rs. The standard deduction rose in 2024.