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.

tadiwak-wharton- · ‎March 16, 2024

ee-ea · ‎March 16, 2024

See this IRS info

https://www.irs.gov/taxtopics/tc551

xmasbaby0 · ‎March 17, 2024

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-d...

Explain Standard Deduction—What is it?

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

**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.**

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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.