what are the standard deduction amounts for 2023 and 2024 
for single taxpayers and those who are married but filing separately the standard deduction is 13 850 in 2023 and 14 600 in 2024 for heads of households the standard deduction is 20 800 in 2023 and 21 900 in 2024 for taxpayers who are married and filing jointly the standard deduction is 27 700 in 2023 and 29 200 in 2024 12the bottom linean itemized deduction is an expense that can be subtracted from your adjusted gross income agi to reduce your tax bill taxpayers can itemize deductions or claim the standard deduction that applies to their filing status itemized deductions must be listed on schedule a of form 1040 and may include mortgage interest charitable gifts and unreimbursed medical expenses 