Standard Tax Deduction 2024 Married. For the tax year 2024, the standard deduction for married couples filing jointly will increase to $29,200, an increase of $1,500 over the tax year 2023. Standard deductionthe standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government.

Refundable credits allow for a full refund if the credit reduces your tax liability to less than $0. You are a nonresident alien at the beginning of the tax year who is a u.s.