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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).
The IRS Internal Revenue Manual is the official source of instructions to IRS personnel relating to the organization, administration and operation of the IRS. The IRM contains directions IRS employees need to carry out their responsibilities in administering IRS obligations, such as detailed procedures for processing and examining tax returns.
We may be just a few weeks into 2023, but it’s never too early to start thinking about filing taxes. Planning ahead now does more than make the filing process a bit easier.
IRS Publication 590-A, Contributions to Individual Retirement Arrangements; IRS Publication 590-B, Distributions from Individual Retirement Arrangements; Retirement Plans FAQs regarding Required Minimum Distributions; Required Minimum Distributions Video and Article Explanations; Required Minimum Distributions Other Answers
The average federal income tax refund in 2023 was $3,167 based on IRS data through Dec. 29, down 2.6% from the same period in 2022.
For tax year 2023, this means that the standard deduction for singles is $13,850, up from $12,950, while joint filers will enjoy a bump of $1,800 in their standard deduction, to $27,700. Pandemic ...
Form 1040, along with its variants, schedules, and instructions, can be downloaded as PDFs from the Internal Revenue Service website. [9] Finalized versions of the forms for the tax year (which in the US is the same as the calendar year) are released near the end of January of the following year.
With only a few weeks to go until Tax Day on April 18, this year's tax filing season has been going smoothly. According to CNN, recent IRS filing statistics indicate more returns are being ...