That’s the 2023 regular standard deduction of $27,700 for married taxpayers filing joint returns, plus three additional standard deductions at $1,500 apiece.Įxample 2: Ellen is single, over the age of 65, and not blind. On their 2023 return, assuming there are no changes to their marital or vision status, Jim and Susan’s standard deduction would be $32,200. They get one more $1,400 standard deduction because Susan is blind. They also both get an additional standard deduction amount of $1,400 per person for being over 65. Susan is blind Jim is not.įor 2022, they’ll get the regular standard deduction of $25,900 for a married couple filing jointly. Let’s run through a couple of examples of how the additional standard deduction can work.Įxample 1: Jim and Susan are a married couple who file a joint return. IRS preliminary instructions for the 2022 tax year Form 1040 include a table to help you calculate the standard deduction available to you based on when you (and your spouse, if applicable) were born and whether you and your spouse are considered legally blind. Navigating the additional standard deduction amounts can be confusing. Married Filing Jointly or Married Filing Separately Taxpayers who are age 65 or older or blind can claim an additional standard deduction, an amount that’s added to the regular standard deduction for their filing status.Īdditional Standard Deduction 2022 (Per Person)Īdditional Standard Deduction 2023 (Per Person) What Is the Additional Standard Deduction? 31, 2025, or Congress makes changes sooner. Eliminating unreimbursed employee expensesĪs a result, fewer people benefit from itemizing-a situation that’s likely to remain until those provisions of the 2017 tax overhaul expire on Dec.Limiting the home mortgage interest deduction to interest paid on up to $750,000 of mortgage debt (up to $375,000 if married filing separately).Capping the deduction for state and local taxes (SALT) at $10,000.It also eliminated or restricted several itemized deductions, including: But the law temporarily increased the standard deduction-nearly doubling it for all filing statuses. Before President Donald Trump signed the 2017 tax law, roughly 30% of taxpayers itemized deductions. However, an estimated 90% of taxpayers choose to claim the standard deduction. You file as an estate or trust, common trust fund, or partnershipįor some people, itemizing reduces their tax bill more than claiming the standard deduction would.You file a return for less than 12 months due to a change in your accounting period.You were a nonresident alien or dual-status alien during the tax year.You are married and file separately from a spouse who itemizes deductions.You cannot claim the standard deduction if: Generally, the standard deduction is available to anyone who doesn’t itemize, although there are a few exceptions. For example, if you file as a single taxpayer and earn $75,000 in 2022, taking the standard deduction of $12,950 will reduce your taxable income to $62,050.
Itemizing or claiming the standard deduction reduces your taxable income. To itemize write-offs, you must keep receipts or other documentation proving you spent the money. There’s a wide range of expenses you can claim as itemized deductions, including out-of-pocket medical expenses, state and local taxes, home mortgage interest and charitable contributions.
Rather than tracking actual expenses, saving receipts and filling out additional tax forms, you simply claim a flat dollar amount determined by the IRS. The standard deduction is the simplest way to reduce your taxable income on your tax return. Married Filing Jointly & Surviving Spouses
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