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The standard deduction is a fixed deduction that varies depending on your filing status, age and dependent status. This year, the standard deduction is $12,950 for those filing single or married ...
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).
For couples who file jointly for tax year 2023, the standard deduction increases to $27,700 up $1,800 from tax year 2022, the IRS announced. Single taxpayers and married people filing separately ...
O’Saben says other above-the-line deductions to consider are $300 per tax filer ($600 if a married couple who are both teachers) for K-12 teachers on non-reimbursed expenses used in the ...
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.
Standard deduction. The standard deduction is a set amount that lowers taxable income. The set amount changes each year and often varies by the taxpayer’s filing status (single filer, married ...
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