024 Standard Deduction Amount. Each year, the irs adjusts standard deduction amounts for inflation (similar to its tax rate brackets, maximum 401k and maximum. The standard deduction is a flat amount deducted from taxable salary income, allowing taxpayers to reduce their taxable income without submitting any proof or disclosures.

There has been some confusion among taxpayers regarding the eligibility and the amount of standard deduction they can claim under the new tax regime. Most taxpayers now qualify for the standard.