The Standard Deduction which is shown on your federal tax return, Form 1040 Line 12, is based on your filing status. It is the amount of your income that is excluded from taxation.
Standard deductions for 2023
- Single - $13,850 add $1,850 if age 65 or older
- Married Filing Separately - $13,850 add $1,500 if age 65 or older
- Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
- Head of Household - $20,800 add $1,850 if age 65 or older
