This Is the Standard Deduction for the 2023 Tax Year.
As tax season begins, you’ll need to know the standard deduction amount you can claim for 2023. After all, most taxpayers choose to use the standard deduction rather than itemize deductions on their federal tax return. The standard deduction amounts tend to increase slightly each year to account for inflation. So let’s look at how much you can claim in 2024 for the 2023 tax year.
What is the standard deduction this year?
For tax returns filed in 2024 for tax year 2023, the standard deduction amounts are:
-
Single filers: $13,850 (up from $13,600 for tax year 2022).
-
Married couples filing jointly: $27,700 (up from $27,300 for tax year 2022).
-
Heads of Household: $20,800 (up from $20,500 for tax year 2022).
Filers who are 65 years of age or older or who are blind may be eligible to claim an even higher standard deduction. For 2023 the amounts are:
-
Single or head of household: additional $1,850 (or $3,700 if you are also blind)
-
Joint filing for spouses: additional $1,500 (or $3,000 if you are also blind).
So, for example, a 68-year-old single filer would claim the standard deduction of $15,850 for the 2023 tax year.
The standard deduction simplifies taxes for many—you can claim this basic amount without having to itemize deductions like mortgage interest, charitable gifts, medical expenses and more. But for some filers who do have significant eligible expenses, itemizing remains the best route if the total exceeds the standard deduction.
With the 2023 tax season in full swing, double-check your standard deduction amount and filing status before preparing Form 1040. The IRS website also offers helpful resources about deduction rules and eligibility for the tax credit.