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New Member
posted Mar 16, 2024 10:21:42 PM

I don't understand what the "standard deduction" is. Can someone please explain it to me? I want to make sure that I am paying the correct amount in taxes.

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2 Replies
Level 15
Mar 16, 2024 10:51:33 PM
Level 15
Mar 17, 2024 12:15:40 AM

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)

 

https://ttlc.intuit.com/questions/1901530-how-does-the-itemized-deduction-differ-from-the-standard-deduction

 

 

 

Explain Standard Deduction—What is it?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370