Tax Brackets 2024 Standard Deduction. It was nearly doubled for all classes of filers by the 2017 tax cuts and jobs act ( tcja ) as. Illinois provides a standard personal exemption tax deduction of $ 2,625.00 in 2024 per qualifying filer and qualifying dependent (s), this is used to reduce the amount of income that is subject.

It envisions a “nearly flat tax on wage income beyond the standard deduction” by. The standard deduction amount for tax year 2023 (filed in 2024) is $13,850 for single filers, $27,700 for married couples, and $20,800 for heads of household.