![]() For 2022 tax returns, the standard deduction amounts will be as follows: So how much is the standard deduction worth? It depends on your filing status, whether you're 65 or older and/or blind, and whether another taxpayer can claim you as a dependent on their tax return. You can't claim it if you're a dual-status alien, either. ![]() On the other hand, if you're married but filing separate tax returns, you can't take the standard deduction if your spouse itemizes deductions. In addition, if you have a net qualified disaster loss, your standard deduction may be higher (see below). The standard deduction amounts are adjusted annually for inflation, so your 2022 standard deduction will likely be larger than it was for 2021. It's different from year to year and from person to person. But you can't determine which route is better for you unless you know how much your standard deduction is that year. You can't do both, so you want to pick whichever one is higher. You have a choice to make each year when filling out your federal income tax return: Do you claim the standard deduction or itemized deductions. ![]() SEE MORE Tax Changes and Key Amounts for the 2022 Tax Year Start with something basic – like the standard deduction. But after taking a short break from taxes to clear your mind, it's a good idea to start thinking about your next federal income tax return now. Unless you requested a tax filing extension, you should be done with your 2021 tax return by now. ![]() Picture of the words "tax deduction" written with a fancy pen Getty Images ![]()
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