what is your standard deduction? the tax cuts and jobs act of twenty seventeen increased the standard deduction significantly and the amounts rise annually based on inflation if your tax status is single your standard deduction is thirteen thousand eight hundred fifty dollars in twenty twenty three and will be fourteen thousand six hundred dollars in twenty twenty four if your tax status is married filing jointly your standard deduction is twenty seven thousand seven hundred dollars in twenty twenty three and will be twenty nine thousand two hundred dollars in twenty twenty four if your tax status is single and age sixty five and older your standard deduction is fifteen thousand seven hundred dollars in twenty twenty three and will be sixteen thousand five hundred fifty dollars in twenty twenty four if your tax status is that of a married couple both age 65 or older and filing jointly your standard deduction is thirty thousand seven hundred dollars in twenty twenty three and will be thirty two thousand three hundred dollars in twenty twenty four The source is the internal revenue service