What Is the Standard Deduction for Married Filing Jointly?
The IRS gives taxpayers two options to lower taxable income: itemize deductions or take the standard deduction. The standard deduction for married taxpayers filing jointly is $25,900, up from $800 from the previous year. For those 65 or older or blind, the additional standard deduction for married taxpayers or qualified widows(ers) is $1,400, an increase of $50. This applies to tax returns filed in 2023.
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The standard deduction is a specific dollar amount that reduces your taxable income. The IRS adjusts this amount each year to account for inflation. The amount you claim depends on your filing status, age and other criteria.
Itemized deductions are a list of eligible expenses you can claim to lower your tax bill. This is typically recommended when your allowable itemized deductions are greater than the standard deduction. According to the IRS website, you cannot take the standard deduction if you itemize deductions. Certain taxpayers also aren’t eligible for the standard deduction, including:
- A married individual filing as married filing separately whose spouse itemizes deductions
- An individual who was a nonresident alien or dual-status alien during the year
- An individual who files a return for a period of less than 12 months due to a change in the annual accounting period
- An estate or trust, common trust fund or partnership
Standard deductions make filing your taxes much easier because it doesn’t require making calculations or providing documentation to the IRS. If you plan to itemize deductions, you must set aside extra time to prepare your tax forms. Also, you must generally meet the “burden of proof” by having information or receipts to back up each claim.
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