Irs 2023 Standard Deduction
Single filers may claim $13,850, an increase. There is some good news for taxpayers regarding inflation; The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Of importance to readers of.
: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 raises standard deductions for 2023")
The standard deduction, or the amount you can deduct against income if you do not itemize your deductions, will increase from $12,950 to $13,850 for single. The standard deduction in the tax brackets 2023 has been raised to $27,700 for married couples filing jointly, up from $25,900 in 2022. The personal exemption for 2023 remains at $0 (eliminating the personal. Married taxpayers were entitled to a standard deduction of $25,900 in 2022—that number is expected to jump to $27,700 in 2023.