IRS standard deduction means a reduction in taxes that a person can deduct from their income. On 13th February 2023, the Internal Revenue Service declared the IRS standards of tax deductions 2023 have been raised by the Internal Revenue Service in response to the Inflation in the nation. The Internal Revenue Service has released the standard deduction tax brackets for singles, married couples, and over 65 years old people.
The Internal Revenue Service has some standard deduction amounts for married couples that jointly filed in 2023, which is $19,400, and for single individuals who also filed in 2023, is $12,950. For the tax year 2023, the top tax rate remains 37% for individual single taxpayers.
Internal Revenue Service Standard Deduction Taxes 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 |
IRS Chart for Married Couples 2023
Below, we have provided the chart for the Marginal tax brackets for the tax year 2023 for married couples that filed jointly.
| 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 |
Below, we have mentioned the chart for the Marginal tax brackets for the tax year 2023 for single individuals.
| 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 Standard Deduction Over 65 Years 2023
The Internal Revenue Service announced the standard deduction tax brackets for individuals who are above the age of 65 years. If an individual turns 65 years old one day before the last date, he/she can claim the additional standard deduction is $14,700.
While for married couples over the age of 65 who have filed jointly in 2022, the standard deduction amount is $27,300. If one or both person in a couple is over 65 years old, then the standard deduction amount will be $21,150. If one or both partners are blind, the amount of the standard deduction will increase.
| 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. | |