The standard deduction is the dollar amount that reduces the amount of income on which you are taxed. And, for tax year 2023, that figure has changed.

Standard vs. itemized

According to the Internal Revenue Service, there are two different categories for deductions: standard and itemized.

The standard deduction is a flat amount – adjusted each year for inflation – based on filing status: single; married filing separately; married filing jointly; head of household; or qualifying surviving spouse. Most taxpayers qualify for this deduction and it generally reduces the amount of taxes they have to pay. It is made up of a basic standard deduction and any additional amounts for age and/or blindness.

Taxpayers who claim the standard deduction cannot utilize the second major deduction category – itemized deductions. People often choose this option if the total amount of their allowable deductions is greater than the standard deduction, including things like state and local income or sales taxes, property taxes, mortgage interest, gifts to charities or expenses related to medical or dental expenses. You can see more on itemized deductions here.

Standard deduction 2023

The standard deduction for 2023 has been increased for all filers and is:

• Single or Married Filing Separately—$13,850, up $900 from 2022
• Married Filing Jointly or Qualifying Surviving Spouse—$27,700, up $1,800 from 2022
• Head of Household—$20,800, up $1,400 from 2022

Taxpayers who are age 65 or older or blind can claim an additional standard deduction that is added to the base amount for their filing status. In 2023, this means an additional $1,500 for qualifying individuals age 65 and older or blind who are married filing jointly or married filing separately. Single or head of household who are 65 and older or blind can claim an additional $1,850.

To be eligible for the age-based standard deduction, you must have turned 65 by the end of the year. To qualify for the additional standard deduction for blindness,  you must be either totally blind or have a statement from your eye doctor confirming that you see less than 20/200 in your better-functioning eye or your field of vision is 20 degrees or fewer, Nerdwallet reported.

The deadline for 2023 taxes is Monday, April 15, 2024.