Standard Deduction 2024 Single. For example, in the tax year 2023, if you’re single and 65+, you can add an extra $1,850 to your standard deduction, bringing up the total to $15,700. The top marginal tax rate in tax year 2024, will remain.

The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. For 2024, that extra standard deduction is $1,950 if you are single or file as head of household.