WebFor tax year 2022, the standard deduction is: Filing Status 1: $2,210 Filing Status 3 or 4: $2,210 for each spouse Filing Status 2, 5, or 6: $5,450 The Iowa standard deduction can not include the additional charitable contributions deduction as allowed on federal form 1040, line 12b. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. For married couples filing jointly, it is $1,400 for 2022 and $1,500 for 2023 for each spouse age 65 and older. FlyFin is powered by A.I. Write to Laura Saunders at laura.saunders@wsj.com. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation. finds every tax deduction, Standard Deductions vs. Itemized Deductions: Which Should You Choose? "Here Are Five Facts About the New Form 1040. 2022 Collective Hub Inc. Single or Married Filing Separately. The amount of your standard deduction depends on the filing status you qualify for. Page Last Reviewed or Updated: 29-Sep-2022, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), News Releases for Frequently Asked Questions, IRS announces 401(k) limit increases to $20,500, Treasury Inspector General for Tax Administration, IRS provides tax inflation adjustments for tax year 2022. (Small business owners and certain other people might also be allowed to deduct up to 20% of their qualified business income.) 2022 standard deductions However, for 2021, the deduction amounts were adjusted for inflation to: They can also write off their internet usage. What is the Standard Deduction Learn the differences between itemized deductions and standard deductions for your tax return. We may have financial relationships with some of the companies mentioned on this website. If youre married but filing a separate return, your spouse is eligible for the additional standard deduction on your return only if he or she has no income, isnt filing a return, and cant be claimed as a dependent on someone elses tax return for the tax year. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. If you work as a care provider, you will use a part of your house for both work and personal reasons. The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act. It also nearly doubled in 2018, thanks to the Tax Cuts and Jobs Act. According to the IRS, itemized deductions that taxpayers may claim include the following: Unreimbursed medical or dental expenses that exceed 7.5% of adjusted gross income State and local income or sales taxes Real estate and personal property taxes Home mortgage interest Gifts to a qualified charity or non-profit Consultant tax write-offs are useful in lowering self-employment taxes. Yes, tax deductions are good because they lower your income and, therefore, the amount of taxes you owe. Before coming to Young and the Invested, Rocky was a Senior Tax Editor for Kiplinger, where wrote and edited tax content for Kiplinger.com, Kiplingers Retirement Report and The Kiplinger Tax Letter.