You do not get anything back in your refund for Social Security or Medicare tax that was withheld (unless your SS with over-withheld)
Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1500)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1850)
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
