What is the Standard Deduction?

The IRS Standard Deduction is a set amount of money that the IRS allows taxpayers to subtract from their taxable income.

standard deduction

This deduction helps reduce the amount of taxes a person has to pay, which is different for each tax bracket.

In this article, we will discuss what the IRS Standard Deduction is and how you can claim it on your tax return!

Table of Contents

How does the standard deduction work?

The standard deduction is a set amount you can deduct from your taxable income. The amount varies depending on your filing status but generally increases yearly.

The standard deduction for the 2022 tax year is $12,950 for single filers and $25,900 for married couples filing jointly.

If you have a lot of deductions, such as for charitable giving or mortgage interest, you might benefit from itemizing your deductions instead of taking the standard deduction.

To do this, you'll need to fill out Schedule A of your tax return.

How do I take the standard deduction?

The standard deduction is a dollar amount that you can deduct from your taxable income. The amount you can deduct depends on your filing status.

For example, the standard deduction for single filers for the tax year is $12,900. That means if your taxable income is $15,000, you would only be taxed on $1900 of it.

The standard deduction reduces the amount of income that's subject to taxation.

You'll need to file a Form 1040 federal income tax return to take the standard deduction. The 1040 form instructions list all the deductions you're eligible to claim, such as charitable contributions and mortgage interest.

What is the standard deduction for married filing jointly?

The IRS standard deduction for married couples filing jointly for the tax year is $25,900. This is up from the previous tax year. The standard deduction is an amount that you can deduct from your taxable income.

If you have itemized deductions, you can deduct those instead of taking the standard deduction. The standard deduction is a set amount that is based on your filing status.

What is the head of household standard deduction?

The head of household standard deduction of $19,400 is a special tax deduction available to unmarried taxpayers who support a dependent.

The deduction is higher than the standard deduction available to other taxpayers, and it can save you significant money on your taxes. To claim the head of household standard deduction, you must meet certain criteria.

  1. You must be unmarried as of the last day of the tax year. This means you cannot be married and filing a joint return with your spouse.
  2. You must have paid more than half of the cost of maintaining your home for the year. This includes things like mortgage interest, property taxes, and utilities.
  3. You must have had a dependent living with you for at least half the year.

If you meet all these requirements, you can claim the head of household standard deduction on your tax return.

What is the standard deduction for single?

If you're single and have no dependents, the standard deduction for the tax year is $12,900. This is an increase from the previous tax year. The standard deduction is a fixed amount that's deducted from your taxable income.

The standard deduction reduces the amount of income that's subject to taxation. When you take the standard deduction, it lowers your taxable income.

For example, if your taxable income is $50,000 and you take the standard deduction of $12,900, your new taxable income would be $37,100.

What is the standard deduction over 65?

If you are over 65 or blind for the previous tax year, you can add an additional $1,350 to your standard deduction; if you are also unmarried and not a surviving spouse, you can add an additional $1,700.

These two extra standard deduction levels rise by $50 for the 2022 tax year, to $1,400 and $1,750, respectively.

Itemizing vs standard deduction, Which is Better?

The answer to this question depends on a number of factors, including your income, the deductions you're eligible for, and whether you're filing as an individual or married filing jointly.

If you have a higher income, chances are you'll benefit from itemizing your deductions on Schedule A. This is because the IRS allows taxpayers to deduct certain expenses, like charitable donations and mortgage interest, from their taxable income.

On the other hand, if you have a lower income or don't have many itemizable deductions, you might be better off taking the Standard Deduction.

This is because the Standard Deduction is a set amount that everyone can deduct from their taxable income, regardless of their financial situation.

How to Claim the Standard Deduction by Filing Online

You can claim the standard deduction by filing your taxes online. You will need to provide basic information about yourself, such as your name, address, and Social Security number.

You will also need to provide information about your income and any deductions you want to claim. Once you have provided all of the required information, you will be able to claim the standard deduction on your taxes.

Getting your W2 form and filing your taxes online can simplify your tax return and save you time!