{"id":4311,"date":"2023-10-27T07:50:53","date_gmt":"2023-10-27T07:50:53","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=4311"},"modified":"2023-10-27T07:50:56","modified_gmt":"2023-10-27T07:50:56","slug":"standard-deduction-when-to-claim-more-when-you-cant-claim-a-penny","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/standard-deduction-when-to-claim-more-when-you-cant-claim-a-penny\/","title":{"rendered":"Standard deduction: When to claim more & when you can’t claim a penny?"},"content":{"rendered":"\n
\"irs <\/picture><\/figure>\n\n\n\n

The standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction<\/a> based on your filing status. You have the option of claiming the standard deduction or itemizing your deductions. However, you cannot claim both in the same year. <\/p>\n\n\n\n

2023 & 2022 Standard Deduction<\/h2>\n\n\n\n

The amount of your standard deduction is announced by IRS every year along with tax bracket<\/a>. It depends on the filing status you qualify for. For example, single taxpayers and married taxpayers who file separate returns can claim a $13,850 standard deduction in 2023 whereas, for the year 2022, it is $12,950. Below is the standard deduction allowed for the year 2023 and year 2022.<\/p>\n\n\n\n

Filing Status<\/strong><\/td>Tax Year 202<\/strong>2<\/td>Tax Year 20<\/strong>23<\/td><\/tr>
Single (married or unmarried)<\/td>$12,950<\/td>$13,850<\/td><\/tr>
Married Filing Jointly<\/td>$25,900<\/td>$27,700<\/td><\/tr>
Head of Household<\/td>$19,400<\/td>$20,800<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

3 situations that allow additional standard deductions<\/h2>\n\n\n\n

The federal income tax law recognizes the fact that certain types of taxpayers need to pay less tax and save more. Therefore the Internal Revenue Code or IRC provides additional standard deduction in the following situations.<\/p>\n\n\n\n

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  1. If Your age is 65 or older at the end of the tax year.<\/li>\n\n\n\n
  2. If you’re blind on the last day of the tax year. <\/li>\n\n\n\n
  3. If you had a net qualified disaster loss and you elect to increase your standard deduction <\/li>\n<\/ol>\n\n\n\n
    Filing Status<\/th>2022<\/th>2023<\/th><\/tr><\/thead>
    Married Filing Jointly or Married Filing Separately  \u2022 65 or older OR blind
      \u2022 65 or older AND blind<\/td>    		$1,400 
    $2,800<\/td>    		$1,500
    $3,000<\/td><\/tr>
    Single or Head of Household  \u2022 65 or older OR blind 
      \u2022 65 or older AND blind<\/td>    		$1,750 
    $3,500<\/td>    		$1,850 
    $3,700<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Taxpayers Who Can’t Claim Standard Deduction<\/h2>\n\n\n\n
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