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New Member
posted Jan 22, 2024 5:46:14 PM

What’s that standard deduction at 20,000

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1 Best answer
Level 15
Jan 22, 2024 5:49:10 PM

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)

 

2 Replies
Level 15
Jan 22, 2024 5:49:10 PM

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)

 

Level 15
Jan 22, 2024 5:51:21 PM

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.