Read this post to learn about the standard deduction and where to find the IRS standard deduction 2023 chart for married over 65, table, taxes, and more. Recent public announcements have clarified the tax treatment at the federal level. Learn everything you need about the IRS Standard Deduction for 2023 right here.
IRS Standard Deduction 2023 Chart
The Internal Revenue Service announced the IRS Standard Deduction 2023 Chart on February 13. The IRS has increased the requirements for tax deductions due to rising inflation. The amount of their standard deduction can reduce a person’s taxable income. This is done before a person owes any taxes.
The standard deduction tax brackets for individuals, married couples, and those 65 and above have been made public by the Internal Revenue Service.
If you’re filing as a married couple in 2023, you can deduct up to $19,400; if you’re filing as a single person, you can deduct up to $12,950.
Please stay tuned for the last segment to learn more about the IRS Standard Deduction 2023 Chart.
IRS Chart for Married Couples 2023
Below is a table with the marginal tax rates and brackets for joint filers in 2023.
| Marginal Tax Brackets (Married Couples) 2023 | |
| Taxable Income | Taxes that are Owned |
| $22,000 or less | 10% of the taxable income |
| $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 |
| $190,751 to $364,200 | $32,580 plus 24% of the amount over $190,750 |
| $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 |
We’ve included a table with the marginal tax rates and brackets that will apply to single filers in 2023.
| 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 |
| $182,101 to $231,250 | $37,104 plus 32% of the amount over $182,100 |
| $231,251 to $578,125 | $52,832 plus 35% of the amount over $231,250 |
| $578,126 or more | $174,238.25 plus 37% of the amount over $578,125 |
IRS Age-Based Deductions for Individuals Over 65 in 2023
The IRS also revealed standard deduction tax brackets for those 65 and older, joining those for married and single filers. Individuals are eligible for the additional standard deduction if they are 65 or older as of the deadline date or turn 65 years old on the deadline. According to this, the standard deduction for tax returns submitted in 2022 for a single taxpayer 65 or older is $14,700.
However, in 2023, the standard deduction for 65-and-over married filers is $27,300. The standard deduction for a married couple with at least one member aged 65 or older is $21,150. The amount of the standard deduction rises if one spouse is blind.
IRS Table of Standard Deduction Amounts for 2023
The due date for the tax returns for the 2022 tax year is 18th April 2023. In the table mentioned below, we have provided the IRS Standard Deduction 2023 Chart Table.
|
Tax Payer’s Status |
Standard Deduction 2023 |
|---|---|
|
Single Individuals |
$12,950 |
|
Married Couples who have filed separately |
$12,950 |
|
Married Couple who have filed jointly; qualifying widow or widower |
$25,900 |
|
Head of Household |
$19,400 |
|
Taxpayers who are over the age of 65 or blind can add an additional $1,400 to their standard deduction. That amount jumps to $1,750 if unmarried or not a surviving spouse. |
|
IRS Tax Tables for Standard Deduction 2023
In the table mentioned below, we have given the chart for the Marginal tax brackets for the tax year 2023 for the heads of the households.
| 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 |
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