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Navigating the additional standard deduction amounts can be confusing. Married Filing Jointly or Married Filing Separately

Eliminating unreimbursed employee expensesĪs a result, fewer people benefit from itemizing-a situation that’s likely to remain until those provisions of the 2017 law expire on December 31, 2025, or Congress makes changes sooner.Īdditional Standard Deduction 2022 (Per Person)Īdditional Standard Deduction 2023 (Per Person).

Limiting the home mortgage interest deduction to interest paid on up to $750,000 of mortgage debt (up to $375,000 if married filing separately).

Capping the deduction for state and local taxes (SALT) at $10,000.It also eliminated or restricted several itemized deductions, including: But the law temporarily increased the standard deduction-nearly doubling it for all filing statuses. Before then-President Donald Trump signed the 2017 tax law, roughly 30% of taxpayers itemized deductions. However, an estimated 90% of taxpayers choose to claim the standard deduction. Can Itemizing Save You Money?įor some people, itemizing reduces their tax bill more than claiming the standard deduction would. Same as with the standard deduction, itemizing reduces your taxable income. You must track the expenses, keep receipts or other documentation proving you spent the money for deductible purposes, and-if you’re doing taxes using paper and pen-fill out additional tax forms. But itemizing can be much more of a hassle than taking the standard deduction. You have a wide range of expenses you can claim as itemized deductions, including out-of-pocket medical expenses, state and local taxes, home mortgage interest and charitable contributions. You file as an estate or trust, common trust fund or partnership.You file a return for less than 12 months due to a change in your accounting period.You were what the IRS calls a “nonresident alien” or a “dual-status alien” during the tax year.You are married and file separately from a spouse who itemizes deductions.You cannot claim the standard deduction if: Generally, the standard deduction is available to anyone who doesn’t itemize, although there are a few exceptions. When Can You Claim the Standard Deduction? Here’s what that means: If you earned $75,000 in 2022 and file as a single taxpayer, taking the standard deduction of $12,950 will reduce your taxable income to $62,050. You simply claim a flat dollar amount determined by the IRS.

The standard deduction is the simplest way to reduce your taxable income on your tax return. Married Filing Jointly & Surviving Spouses