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Standard Deduction Married Filing Joint AL Adjusted Gross Standard Income (AL Line 10) Deduction 7,500 0 20,499 20,500 20,999 7,325 21,000 21,499 7,150 21,500 21,999 6,975 22,000 22,499 6,800 22,500 22,999 6,625 23,000 23,499 6,450 23,500 - Preview on Page 1

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The standard deduction is a specific dollar amount that reduces your taxable income. For the 2022 tax year, the standard deduction is $25,900 for joint filers, $19,400 for heads of household, and $12,950 for single filers and those married filing separately. $12,950. $13,850.
Heres what it boils down to: If your standard deduction is less than your itemized deductions, you probably should itemize. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard deduction and save some time.
The term standard deduction refers to the portion of income not subject to tax that can be used to reduce your tax bill. The standard deduction is usually deducted from the gross salary and claimed as an exemption without having to show any proof of expenses.
Example 2: Ellen is single, over the age of 65, and not blind. For 2022, shell get the regular standard deduction of $12,950, plus one additional standard deduction of $1,750 for being a single filer over age 65. Her total standard deduction amount will be $14,700.
What Is the Standard Deduction? You can deduct the amount of the tax years standard deduction from your taxable income on line 12 of your 2021 Form 1040 tax return. Its a set number that doesnt take much in the way of your personal circumstances into consideration.
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Deductions for state and local sales tax (SALT), income, and property taxes can be itemized on Schedule A. The total amount you are claiming for state and local sales, income, and property taxes cannot exceed $10,000.
The government sets the standard deduction and dictates its amount. All tax filers can claim this deduction unless they choose to itemize their deductions. For the 2022 tax year, the standard deduction is $12,950 for single filers, $25,900 for joint filers and $19,400 for heads of household.
Say youre a single taxpayer who makes $65,000 per year. If you take the $12,950 standard deduction for single taxpayers on your 2022 federal income tax return, you can subtract $12,950 from the amount you owe income tax on. This would mean you only owe federal income tax on $52,050 of your income.
Standard deduction is a flat deduction of Rs. 50,000/- from your Income that is taxable under the head salaries. This tax benefit can be claimed irrespective of the actual amount spent on: Transport Allowance and.
In general, the standard deduction is adjusted each year for inflation and varies ing to your filing status, whether youre 65 or older and/or blind, and whether another taxpayer can claim you as a dependent. The standard deduction isnt available to certain taxpayers.

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