What’s that standard deduction at 20,000

[xmasbaby0 · Accepted solution]

Your standard deduction lowers your taxable income.  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)

[VolvoGirl]

The Standard Deduction is a good thing. Everyone gets a Standard Deduction. It is subtracted from your income before you pay tax. So you get taxed on a lower amount.  The Standard Deduction for Single  is 13,850 or it can be less for dependents. It means the first 13,850 of income is tax free.