2024 Standard Deduction Mfj. Standard deduction 2024 mfj nyssa arabelle, people who are age 65 and over have a higher standard deduction than the basic standard deduction. The other ~10% itemize deductions when their total deductions exceed the standard deduction.
You pay tax as a percentage of your income in layers called tax brackets. Your standard deduction โ the amount you can use as a deduction on your 1040 tax return without itemizing โ will also be higher.