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For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older OR blind are: $1,850 for single or head of household. $1,500 for married taxpayers (per qualifying ...
If you are not married on December 31, your filing status could be either single or head of household — single if you have no dependents, and head of household if you have qualifying dependents.
Be unmarried or considered unmarried at the end of the year; Have paid more than half the cost of keeping up a home for the tax year (either one's own home or the home of a qualifying parent) Usually have a qualifying person who lived with the head in the home for more than half of the tax year unless the qualifying person is a dependent parent
Per the IRS, the standard deduction amount for tax year 2022 (filed in 2023) is $12,950 for single filers, $25,900 for married couples and $19,400 for heads of household.
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).
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations.
The Tax Credit for the Elderly or Disabled allows low-income Americans ages 65 and older to claim a tax credit of $3,750 to $7,500, depending on your income, marital status and other factors.
A taxpayer can generally choose either an automatic standard deduction or itemized deductions. An unmarried individual filing a tax return under single or head of household status can choose the deduction method that is most beneficial, but a married couple will be required to use the same deduction method in most cases (Title 26 U.S. Code §63 ...
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