2024 Standard Deductions And Exemptions. The standard deduction for single filers and married individuals filing separately will rise to $15,000 in 2025, a $400 increase from the previous year. The amt exemption amount for tax year 2025 for single filers is $88,100 and begins to phase out at $626,350 (in 2024, the.

Below are the important income tax deductions and exemptions that are available under both old and new tax regimes for ay. The tcja nearly doubled the standard deduction.