Standard Deduction 2024 Head Of Household Income Tax. The other ~10% itemize deductions when their total deductions exceed the standard deduction. The head of household filing status offers more generous tax brackets and a higher standard deduction than filing as single.
Standard deduction limit hiked in the new tax regime to make the new tax regime more attractive, budget 2024 raised the basic exemption limit to rs 75,000 from rs 50,000 in the new tax regime. For 2024, that extra standard deduction is $1,950 if you are single or file as head of household.