2024 Standard Deduction Mfj. In this article we’ll cover what the standard deduction is, who’s eligible, the 2024 standard deduction by filing status, and more. The standard deduction will be cut almost in half and the child tax credit will be reduced.
The standard deduction will be cut almost in half and the child tax credit will be reduced. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.