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The standard deduction for the 2023 tax year

Posted 2/16/24

As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act for the single, married filing jointly, married filing separately, head of household and surviving spouse filing statuses. For the 2023 tax year under the TCJA, the standard deduction dollar amounts increased due to inflation to:

• $27,700 for MFJ and surviving spouses

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