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What is the standard deduction?
The standard deduction is a set dollar amount that reduces your taxable income that may apply to every taxpayer. You can decide to either take a standard deduction or to itemize your expenses if they are more than the standard deduction.
This amount changes year to year.
What are the standard deduction amounts?
| ||
Single/Married Filing Separately | $12,950 | $13,850 |
Head of Household | $19,400 | $20,800 |
Married Filing Jointly | $25,900 | $27,700 |
What is an additional standard deduction?
If you’re 65 or older, or blind, you’re able to get an additional standard deduction. More information can be found in Publication 501.
| 2022 | 2023 |
Single/Head of Household, Married Filing Separately | $1,750 | $1,850 |
Married Filing Jointly (per taxpayer) | $1,400 | $1,500 |
What if someone else is claiming me as a dependent? How much is my standard deduction?
If you can be claimed as a dependent, your standard deduction is the greater of $1,150 or your earned income plus $400. However, your total can’t be more than the basic standard deduction for your filing status.
Am I eligible for the standard deduction?
Most taxpayers may be eligible for the standard deduction. The following lists taxpayers that are not eligible for the standard deduction. If below doesn’t apply to you, it’s likely that you’re eligible for the deduction.
An estate or trust, common trust fund or partnership.
A married person filing as married filing separately whose spouse itemizes deductions.
A person who files a return for a period of less than 12 months due to a change in their annual accounting period.
A person who was a nonresident alien or dual status alien during the year aside from the exceptions listed below:
A non-resident alien who is married to a U.S. citizen or resident alien at the end of the tax year and makes a joining election with them to be treated as a U.S. resident for the entire tax year.
A nonresident alien at the beginning of the tax year who is a U.S. citizen or resident by the end of the tax year, is married to a U.S citizen or resident at the end of the tax year and makes a joint election with their spouse to be treated as a U.S. resident for the entire year.
Additional Resources:
IRS Resource: Topic No. 501 Should I Itemize?
This content is provided for informational purposes only and should not be construed as tax, legal, financial, accounting, or other advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need advice specific to you.
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