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The TCJA (which some people know as the “Trump tax cuts”) nearly doubled the standard deduction. However, the last time the standard deduction changed significantly was when the TCJA became effective. If you are uncertain whether itemizing deductions will save you money on your tax return or whether you can't claim the standard deduction, consult a trusted, qualified tax advisor. It's also important to remember that some taxpayers cannot claim the standard deduction due to IRS rules. However, you may want to consider itemizing if the standard deduction is less than your itemized deductions.įor example, If you own a home, you may be able to deduct your mortgage interest, points, and insurance, which could be more than the standard deduction.Īlthough some itemized deductions have changed since the 2017 Tax Cuts and Jobs Act (TCJA), you may still have enough deductions for medical expenses, charitable contributions, and state and local taxes to make itemizing a good choice.Some taxpayers also just find it easier to take the standard deduction.That’s usually because their standard deduction is greater than the deductions they would claim if they itemized. As mentioned above, most people take the standard deduction. Tax Changes and Key Amounts for the 2023 Tax Year Standard Deduction vs. It's $3,000 per qualifying individual if you are married filing jointly or separately. If you are 65 or older and blind, the extra standard deduction is $3,700 if you are single or filing as head of household. For filers age 65 or older, the additional standard deduction is on top of the regular standard deduction for a given tax year. If you're married filing jointly or separately, the extra standard deduction amount is $1,500 per qualifying individual. If you are 65 or older or blind, you can claim an additional standard deduction.įor 2023, that additional standard deduction is $1,850 if you are single or file as head of household. Or, you have to have a doctor's certification (in this case, an ophthalmologist or optometrist) that your eyesight is not better than 20/200 (in the best eye with corrective lenses) or that your field of vision is 20 degrees or less. There are additional standard deductions if you or your spouse is blind and if you are 65 or older.įor the additional standard deduction for people who are blind, you have to be completely blind by the end of a given tax year. How Inflation Can Impact Your Taxes Additional Standard Deduction Amounts: 65 or Older and Blind How Much is the Standard Deduction for 2023?įor 2023 federal income tax returns, i.e., normally due in April 2024, the standard deduction amounts are as follows:Ģ023 Standard Deduction Amounts: (Returns Normally Due April 2024) The standard deduction is $13,850, which, applied to your earned income would bring your taxable income to $36,150. (You’ll see how that works in the charts below).īut, for example, let’s say you have $50,000 in income for 2023 and your filing status is single. So that’s why your 2023 standard deduction is larger than it was for 2022. Note: The IRS adjusts the standard deduction annually for inflation.
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