For most Americansthere is always the possibility of claiming the standard deductions federal tax returns instead of itemized deductions. We’ll show you how much you can claim on your 2022 and 2023 returns. There will also be a comparison between the two years, just to see how much the amounts change. Choose between the two types of deductions can be a nuisance because most Americans go for the highest option. However, this is not always the smartest option for you.
Determining which of the two options is better must be done in an informed way, you must know exactly how much your standard deduction is for that year. Each person comes up with different numbers. Also standard deduction differs from year to year because the amounts are adjusted each year to inflation. This resulted in a standard deduction for 2022 which is unusually higher than the 2021 return. Going forward, the standard deduction for 2023 will be even higher than the deduction for 2022.
More details on the comparison of standard deductions
If you have a net qualified disaster, your standard deduction could be even higher. However, being married but filing separate records tax returns will not allow you to take the standard deduction if your spouse details the deductions. You also cannot claim if you are a dual status alien. This means determining your standard deduction is not as simple as it looks on paper. The size of this will vary depending on many different factors which will be described here. It’s quite a process you will have to go through to claim this deduction.
First, you need to determine how much your standard deduction worth. It will depend on your filing status, age or disability status, and if anything else taxpayer may claim you as a dependent on their tax return. 2022 federal income tax returns will be due on April 18, 2023. The amounts of standard deductions are $12,950 for single or married taxpayers filing separately. Married, jointly filing or surviving spouses will get a $25,900 deduction. Heads of families receive a $19,400 deduction.
For 2023, the standard deduction will be $13,850 for single or happy taxpayers filing separately. People who are married or file their taxes jointly get a $27,700 tax reduction. Heads of families receive a $20,800 standard reduction.