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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 ...
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 ...
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.
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).
Individuals who are 65 or older and those who are blind can claim an additional $1,750 for tax-year 2022, bringing their total standard deduction to $14,700. The standard deduction also increases ...
In fact, as GOBankingRates previously reported, the 2022 adjustment for inflation was just 3.1%, making the 2023 updates over twice the size. Here’s how those standard deduction increases break ...
Bigger standard deduction at age 65: ... you get an extra $1,700 standard deduction for tax year 2021 and an extra $1,750 for tax year 2022. If you are married and filing jointly, the extra ...
The Internal Revenue Service announced annual inflation adjustments for the 2022 tax year, including the standard deduction and tax brackets. The changes take into account the rise in inflation ...