2022-2023 Standard Deduction
A standard deduction is a fixed amount that reduces your taxable income and is available to all taxpayers, regardless of whether they itemize their deductions or not. In other words, it's the amount of income that is not subject to federal income tax. The standard deduction for 2022 depends on your filing status and is subject to inflation adjustments each year. Below is the standard deductions for 2022.
Standard Deduction 2022
- Single or Married Filing Separately: $12,950
- Married Filing Jointly: $25,900
- Head of Household: $19,400
It's important to note that if your total deductions, including things like mortgage interest, property taxes, and charitable donations, are greater than the standard deduction amount, you may choose to itemize your deductions instead of taking the standard deduction.
If you are looking to prepare taxes ahead of time, the standard deductions for 2023 are below.
Standard Deduction 2023
- Single or Married Filing Separately: $13,850
- Married Filing Jointly: $27,700
- Head of Household: $20,800