Hi, I'm in the 2023 deluxe edition and the deduction that im getting is $29,200 for married filing jointly...shouldn't it be $27,200 for 2023.....

Is one of you  either 65 or older or legally blind?

 

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)

 

 

the standard deduction for MFJ is 27,700 for 2023 + 1500 if either is over 65 + 1500 if either is blind, double those amounts if both taxpayers meet the criteria.