Standard Deduction 2024 Single Dependent. — the standard deduction is a fixed amount you can deduct from your taxable income that is adjusted every year to keep up with inflation. — that means you could claim a $20,800 standard deduction in 2023, versus a $13,850 standard deduction for single filers without dependents.
— the internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket. Lawmakers have reached a deal on the tax framework for a new child tax credit.