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One Michigan retiree is stumped by his tax software when trying to use new pension tax rules for Michigan, but company says a fix is on the way. ... the pension, on his 2023 Michigan income tax ...
The standard deduction reduces a taxpayer’s taxable income, ensuring that only households with income above certain thresholds will owe income tax. The standard deduction amounts for 2023 are ...
The standard deduction is somewhat higher on 2023 federal income tax returns after an inflation adjustment. For married couples filing jointly, the standard deduction is $27,700 on federal returns.
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
red flag law (signed May 23, 2023 [9]) repeal of the state's retirement tax; raising the state's earned income tax credit from 6% to 30%; universal pre-K; investment in renewable energy such as wind and solar power; requirement for utilities to deliver 100% renewable energy by 2040 [10]
The standard deduction for those over age 65 in 2023 (filing tax year 2022) is $14,700 for singles, $27,300 for married filing jointly if only one partner is over 65 (or $28,700 if both are), and ...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
January 10, 2023 at 8:35 AM. ... For the 2022 tax year, the standard deduction amounts are: $12,950 if you’re single or married filing separately. $19,400 for heads of household.
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