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Here are the standard deductions for the 2022 and 2023 tax years: Single: $12,950 for 2022, $13,850 for 2023. Married, filing jointly: $25,900 for 2022, $27,700 for 2023.
Standard deduction: Head of household taxpayers are eligible for a $18,800 deduction for the 2021 tax year and a $19,400 deduction for the 2022 tax year. Qualifying Widow(er) with Dependent Child.
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 Internal Revenue Service announced annual inflation adjustments for the 2022 tax year, including the standard deduction and tax brackets. The changes take into account the rise in inflation ...
The Individual Income Tax Act of 1944 created standard deductions on the 1040. [64] The tax return deadline was original set at March 1. This was changed to March 15 in the Revenue Act of 1918, and in the Internal Revenue Code of 1954, the tax return deadline was changed to April 15 from March 15, [64] as part of a large-scale overhaul of the ...
Federal Tax Brackets 2022 for Income Taxes Filed by April 18, 2022 . Tax Bracket. ... Tax structures, rates, allowable tax deductions and tax exemptions vary from state to state, according to the ...