Updates For 2022 Taxes In 2023
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status.
The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act nearly doubled standard deductions. When you take the standard deduction, you can’t itemize deductions for mortgage interest, state taxes and charitable deductions on Schedule A, Itemized Deductions.
For the 2022 tax year, the standard deduction amounts have been adjusted for inflation to starting in 2023, the standard deduction for each filing status is:
Single.....................................................................$12,950
Married filing jointly. Qualifying widow(er).............$25,900
Married filing separately........................................$12,950
Head of household................................................$19,400
If you're at least 65 years old or blind, you can claim an additional standard deduction of $1,400 in 2022 ($1,750 if you're claiming the single or head of household filing status). If you're both 65 or older and blind, the additional deduction amount is doubled.
Most taxpayers have the choice of either taking a standard deduction or itemizing. If you qualify for the standard deduction and your standard deduction is more than your total itemized deductions, you should claim the standard deduction in most cases and don’t need to file a Schedule A, Itemized Deductions, with your tax return.
Remember, these increases are set to expire after December 21, 2025 unless further actions of congress make changes permanent.
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status.
The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act nearly doubled standard deductions. When you take the standard deduction, you can’t itemize deductions for mortgage interest, state taxes and charitable deductions on Schedule A, Itemized Deductions.
For the 2022 tax year, the standard deduction amounts have been adjusted for inflation to starting in 2023, the standard deduction for each filing status is:
Single.....................................................................$12,950
Married filing jointly. Qualifying widow(er).............$25,900
Married filing separately........................................$12,950
Head of household................................................$19,400
If you're at least 65 years old or blind, you can claim an additional standard deduction of $1,400 in 2022 ($1,750 if you're claiming the single or head of household filing status). If you're both 65 or older and blind, the additional deduction amount is doubled.
Most taxpayers have the choice of either taking a standard deduction or itemizing. If you qualify for the standard deduction and your standard deduction is more than your total itemized deductions, you should claim the standard deduction in most cases and don’t need to file a Schedule A, Itemized Deductions, with your tax return.
Remember, these increases are set to expire after December 21, 2025 unless further actions of congress make changes permanent.