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For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
The standard deduction reduces a taxpayer’s taxable income, ensuring that only households with income above certain thresholds will owe income tax. The standard deduction amounts for 2023 are ...
The standard deduction for those over age 65 in 2023 (filing tax year 2022) is $14,700 for singles, $27,300 for married filing jointly if only one partner is over 65 (or $28,700 if both are), and ...
Standard deductions: Most taxpayers take the standard deduction, which varies based on your filing status. For the 2024 tax year, single filers can claim a $14,600 standard deduction, heads of ...
Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. ... If you itemize deductions, you lower your taxable income from a list of qualifying ...
Taxes aren’t determined by age, so you will never age out of paying taxes. Basically, if you’re 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher.