Standard Tax Deduction 2024 Married. For the tax year 2024, married couples filing jointly (those who are legally married and choose to file their taxes together) are eligible for a standard deduction of $29,200. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay.

For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married couples filing jointly and. Subtract the standard deduction of $2,340 from annualized gross pay in step 4 to determine annual net taxable income.