You can use this article to learn about the 2023 IRS Standard Deduction Chart for married people over 65, which includes important tax information and other useful details.
The Internal Revenue Service just released new information about federal taxes, so this article has all the information you need about the Standard Deduction.
IRS Standard Deduction 2023
The IRS Standard Deduction 2023 was announced by the Internal Revenue Service on February 13th, 2023, in response to inflation in the country. A standard deduction is an amount that can be deducted from an individual’s income before taxes are applied, reducing the amount of taxes owed.
The IRS has provided standard deduction tax brackets for single individuals, married couples, and those over the age of 65. For married couples filing jointly in 2023, the standard deduction is $19,400, and for single individuals filing in 2023, the standard deduction is $12,950.
More information about the IRS Standard Deduction 2023 will be provided later in this article, so please continue reading.
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         Marginal Tax Brackets (Married Couples) 2023 | |
Taxable Income | Taxes That Are Owned |
$190,751 to $364,200 | $32,580 plus 24% of the amount over $190,750 |
$22,000 or Less | 10% of the Taxable Income |
$364,201 to $462,500 | $74,208 Plus 32% of the Amount Over $364,200 |
$462,501 to $693,750 | $105,664 Plus 35% of the Amount Over $462,500 |
$693,751 or More | $186,601.50 Plus 37% of the Amount Over $693,750 |
$22,001 to $89,450 | $2,200 Plus 12% of the Amount Over $22,000 |
$89,451 to $190,750 | $10,294 Plus 22% of the Amount Over $89,450 |
         Marginal Tax Brackets (Single Individuals) 2023 | |
Taxable Income | Taxes That Are Owned |
$11,000 or Less | 10% of the Taxable Income |
$11,001 to $44,725 | $1,100 Plus 12% of the Amount Over $11,000 |
$44,726 to $95,375 | $5,147 Plus 22% of the Amount Over $44,725 |
$95,376 to $182,100 | $16,290 Plus 24% of the Amount Over $95,375 |
$578,126 or more | $174,238.25 plus 37% of the amount over $578,125 |
$231,251 to $578,125 | $52,832 plus 35% of the amount over $231,250 |
$182,101 to $231,250 | $37,104 plus 32% of the amount over $182,100 |
IRS Standard Deduction Over 65 Years 2023
The Internal Revenue Service has released information about tax brackets for people over the age of 65, as well as tax brackets for married and single people. People who are 65 or older, or who will be 65 one day before the last day to file taxes, can get an extra standard deduction.
The standard deduction for a single person over 65 who filed their taxes in 2022 is $14,700. In 2022, the standard deduction for married couples over 65 who file taxes together is $27,300. If one or both people in a couple are over 65, the standard deduction will be $21,150. If one or both of the partners are blind, the amount of the standard deduction may go up.
Table 2023 of the Internal Revenue Service for Standard Deductions
The deadline for filing tax returns for the tax year 2022 is the 18th of April 2023. In the table provided below, you will find the IRS Standard Deduction Table for 2023.
Tax Payer’s Status | Standard Deduction 2023 |
Single Individuals | $12,950 |
Head of Household | $19,400 |
Married Couple who have filed jointly; qualifying widow or widower | $25,900 |
Married Couples Who Have Filed Separately | $12,950 |
Those who are 65 or older or who are blind can add $1,400 to their standard deduction. If you are not married or have a surviving spouse, that amount goes up to $1,750.
Standard Deduction Taxes for 2023 from the Internal Revenue Service
In the table below, we show the chart for the marginal tax brackets for heads of household for the tax year 2023.
                                                 Household Head Tax Brackets 2023 | ||
Percentage | 2022 | 2023 |
10% | $0 | $0 |
12% | $14,650 | $15,700 |
22% | $55,900 | $59,850 |
24% | $89,050 | $95,350 |
32% | $170,050 | $182,100 |
35% | $215,950 | $231,250 |
37% | $539,900 | $578,100 |
Also Check:
- Earned Income Tax Credit 2023: How Much is Income Limit and Age Limit?
- EITC 2023 Earned Income Tax Credit: What are the Benefits of the EITC?
- IRS Standard Deduction 2023: Taxes on Standard Deductions by the Internal Revenue Service in 2023!
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