2024 Tax Brackets And Standard Deduction. From april 1, 2024, the new tax regime allows standard deduction of rs 75,000 from salary and pension income and section 80ccd (2) deduction up to 14% on basic salary for employer's. The irs is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation.
For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. The irs on thursday announced higher federal income tax brackets and standard deductions for 2024.
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