Standard deduction: How much more can you claim on your return for 2022 and 23

It can be difficult for Americans to choose between the two types of deductions, as most Americans choose the option that is greater.

[{"selector":"#anim-7e022351-d124-48b7-a263-01025260f34c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-e0a9280e-d67d-4594-8b23-7fb4333e9e4f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The standard deduction varies from year to year because the amounts are adjusted for inflation separately each year. The standard deduction varies from year to year because the amounts are adjusted for inflation separately each year. CREDIT GETIMAGE

[{"selector":"#anim-f7cec91c-73d6-4cea-92ec-e9179fc5f44d","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] This resulted in the 2022 standard deduction being unusually larger than the 2021 return. If seen, the 2023 standard deduction is going to be higher than the 2022 deduction. This resulted in the 2022 standard deduction being unusually larger than the 2021 return. If seen, the 2023 standard deduction is going to be higher than the 2022 deduction. CREDIT GETIMAGE

[{"selector":"#anim-8690ee63-5b35-4b8a-9a88-020d02ec1ccf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] If you suffer a pure catastrophe loss, your standard deduction can be even higher. If you suffer a pure catastrophe loss, your standard deduction can be even higher. CREDIT GETIMAGE

[{"selector":"#anim-b1a37ed3-6893-40e4-bda0-909501006a16","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Now you need to determine what the value of your standard deduction should be. Now you need to determine what the value of your standard deduction should be. CREDIT GETIMAGE

[{"selector":"#anim-ee9a3465-2a6a-4a81-b972-ea755c6be081 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.446691045685945%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] These values will depend on filing status, your age or disability status, as well as other taxpayers who can claim you as a dependent on their tax return. These values will depend on filing status, your age or disability status, as well as other taxpayers who can claim you as a dependent on their tax return. CREDIT GETIMAGE

[{"selector":"#anim-8b2bb3d4-e715-42c0-8d48-d0e9404b37be","keyframes":[{"transform":"scale(1)","offset":0},{"transform":"scale(1.5)","offset":0.33},{"transform":"scale(0.95)","offset":0.66},{"transform":"scale(1)","offset":1}],"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Federal income tax returns for 2022 will be due on April 18, 2023. The standard deduction amount is $12,950 for single or married taxpayers, who must file separately. Federal income tax returns for 2022 will be due on April 18, 2023. The standard deduction amount is $12,950 for single or married taxpayers, who must file separately. CREDIT GETIMAGE

[{"selector":"#anim-00388172-1fee-4637-abe1-4ab73e5e71fa [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Those filing jointly or with the surviving spouse will receive a $25,900 deduction. The principal receives a deduction of $19,400. Those filing jointly or with the surviving spouse will receive a $25,900 deduction. The principal receives a deduction of $19,400. CREDIT GETIMAGE

[{"selector":"#anim-2e7712ec-633c-4ce3-a65a-6ed958f881d5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] For 2023, the standard deduction for single taxpayers will be $13,850. Those filing jointly get a $27,700 tax deduction. For 2023, the standard deduction for single taxpayers will be $13,850. Those filing jointly get a $27,700 tax deduction. CREDIT GETIMAGE

Standard deduction: How much more can you claim on your return for 2022 and 23

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Standard deduction: How much more can you claim on your return for 2022 and 23

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It can be difficult for Americans to choose between the two types of deductions, as most Americans choose the option that is greater.

It can be difficult for Americans to choose between the two types of deductions, as most Americans choose the option that is greater.

Standard deduction: How much more can you claim on your return for 2022 and 23

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