Irs 2023 Standard Deduction For Seniors
The standard deduction for 65 and older is $1,350 on top of the standard deduction for every other taxpayer. Arnold says the irs is pushing up 2023 tax brackets by about 7 percent. Standard deduction the standard deduction, which reduces the amount of income you must pay taxes on, is claimed by a majority of taxpayers. Taxpayers aged 50 and older can.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/J62DKUVVNRFHTKGZO3JCESADWI.jpg "IRS announces inflation adjustments for 2023; standard deductions up 7")
/cloudfront-us-east-1.images.arcpublishing.com/gray/CDS3MAEWJVCTHB6SLZQ3KZXGMM.jpg "IRS ups standard deductions, tax brackets due to inflation")
An additional standard deduction of $1,500 will apply to those who are either 65 and older or blind, and the amount doubles if both apply to a taxpayer in 2023. The standard deduction for married couples filing jointly for tax is increasing by $1,800 from last year, to $27,700. For heads of households, it will rise to $20,800, up $1,400. 3 rows for 2023, assuming no changes, ellen’s standard deduction would be $15,700: