What Is the Standard Deduction Amount for 2022-2023 and When To Take It

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When you file your federal income tax return, you have two choices: take the standard deduction or itemize your deductions.

According to the IRS, most taxpayers use the option that lowers their tax liability the most — however, changing tax laws mean that people who itemized in the past might want to switch to the standard deduction.

Here is some more information about your two options:

Standard Deduction

The standard deduction is a specific amount that taxpayers can subtract from their taxable earnings. The amount increases slightly each year and varies by filing status, whether the taxpayer is 65 or older — or blind — and whether another taxpayer can claim them as a dependent. Here are the standard deductions for the 2022 and 2023 tax years:

Not everyone can take the standard deduction. Excluded taxpayers include:

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Most filers can find the standard deduction on the first page of Form 1040. For filers using Form 1040-SR, U.S. Tax Return for Seniors, the standard deduction is on page 4.

Itemized Deductions

If you itemize deductions, you lower your taxable income from a list of qualifying expenses that were approved by the IRS. You can itemize deductions by filing Schedule A, Form 1040, Itemized Deductions. Itemized deductions that may be claimed include:

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Before making itemized deductions, review the instructions for Schedule A Form 1040 for more information on IRS limitations.

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