For the 2024 tax year, the individual income tax standard deduction amounts were increased for the following filing statuses:
- Single or Married Filing Separate: $4,400
- Head of Household: $6,424
- Married Filing Jointly or Qualified Surviving Spouse: $8,800.
Changes to Credits
The following credits have been updated for 2024:
- The Pass-Through Entity Tax Credit
- The Tax Credit for Research Activities
- The Motion Picture and Film Income Credit
Changes to Exclusions
- Taxpayers may exclude up to $8,082 of their military reserve or Hawaii National Guard duty pay from their income, effective for taxable years beginning after December 31, 2023.
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