Standard Deduction: How Much It Is in 2022-2023 and When to Take It

The 2022 standard deduction is $12,950 for single filers, $25,900 for joint filers or $19,400 for heads of household. Those numbers rise to $13,850, $27,700 and $20,800, respectively, for tax year 2023.

Each year when you fill out your federal income tax return, you can either take the standard deduction or itemize deductions. Few people find it worthwhile to itemize anymore, because standard deduction amounts were bulked up by a major tax overhaul in 2017. 

The IRS has released the tax brackets and standard deduction amounts for the 2023 tax year, meaning the return you’ll file in 2024. Here are the standard deduction amounts for both 2022 and 2023 available to most taxpayers.

Taxpayers who are age 65 or older or blind can claim an additional standard deduction, an amount that’s added to the regular standard deduction for their filing status.

Standard Deduction for Dependents

If another taxpayer can claim you as a dependent, your standard deduction is limited. For 2022, the standard deduction for dependents is limited to the greater of $1,150 or your earned income plus $400—but the total can’t be more than the normal standard deduction available for your filing status.

For 2023, the limit will be $1,250 or your earned income plus $400, whichever is greater. But again, the amount can never be greater than the usual standard deduction available for your filing status.