![]() The standard deduction is $13,850, which, applied to your earned income would bring your taxable income to $36,150. (You can see how that works in the charts for 2023 compared to 2022 below).īut, for example, let’s say you have $50,000 in income for 2023, and your filing status is single. ![]() So, that's why your 2023 standard deduction is higher than it was for 2022. Note: The IRS adjusts the standard deduction annually for inflation.
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