2024 Standard Tax Deduction Amount.  — for 2024 (tax returns typically filed in april 2025), the standard deduction amounts are $14,600 for single and for those who are married, filing separately; (august 20, 2024) — each year, the kentucky department of revenue calculates the individual standard deduction in accordance with krs 141.081.after adjusting for inflation, the standard deduction for 2025 is $3,270, an increase of $110.

Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150.