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How much is the standard deduction for 2023? Note: If you are at least 65 years old or blind, you can claim an additional 2023 standard deduction of $1,850 (also $1,850 if using the single or head of household filing status). If youre both 65 and blind, the additional deduction amount is doubled.
Earned income tax credit This earned income tax credit (EITC) is a refundable tax break for low-income taxpayers with and without children. For 2023 (taxes filed in 2024), the credit ranges from $600 to $7,430, depending on how many kids you have, your marital status and how much you made.
Tax Cuts and Jobs Act of 2017. Individual income tax changes (all of which expire after 2025). Lowered income tax rates at all levels of taxable income except the lowest bracket and lowered the income range for upper brackets.
After an inflation adjustment, the 2023 standard deduction increases to $13,850 for single filers and married couples filing separately and to $20,800 for single heads of household, who are generally unmarried with one or more dependents. For married couples filing jointly, the standard deduction rises to $27,700.
2023 tax rates and brackets for each filing status Tax RateTaxable income bracket12%$11,001 to $44,725.22%$44,726 to $95,375.24%$95,376 to $182,100.32%$182,101 to $231,250.3 more rows 6 days ago
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For 2024, the standard tax deduction for single filers has been raised to $14,600, a $750 increase from 2023. For those married and filing jointly, the standard deduction has been raised to $29,200, up $1,500 from the previous year. Source for all charts: IRS (PDF).
But this year, some taxpayers are receiving bigger refunds after the IRS adjusted many of its provisions for inflation, pushing the standard deduction and tax brackets about 7% higher for the 2023 tax year, which is the period for which taxpayers are now filing their taxes.

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