Can anyone confirm the standard deduction for this year filing your 2023 taxes? I saw online it was upped to $14600 but, is that for the 2025 filing or this year?

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)

 

 

13,850 for Single and/or Married Filing Separately for Tax Year 2023. 

Yes, next year for Tax Year 2024 it will be 14,600. 

 

 

 

Standard Deductions Tax Year 2023