Q&A of the Week February 15, 2023

Question

What is the standard deduction for tax year 2022?

Answer

For married filing jointly, the standard deduction is $25,900. This is an increase of $800 from 2021.

For single taxpayers, the standard deduction is $12,950, which is an increase of $400 from 2021.

For people filing with the head of household status, the standard deduction is $19,400. This is an increase of $600 from 2021.

The increases will likely cause more taxpayers to claim the standard deduction rather than itemize deductions. 

Please contact a tax professional for questions about your 2022 tax return!