Tax Season 2023: What You Need to Know (2024)

16 Min Read | Apr 13, 2023

By Ramsey Solutions

Well. It’s about that time of the year again—tax season. Groan. Some new things this year include an increased standard deduction, adjusted tax brackets, and some key changes to common tax credits and deductions.

When Can I File My Taxes?

The 2023 tax season starts at the end of January. A W-2 form from your employer should be in your mailbox around then.¹ Since many employers use a digital payroll system for direct deposit, you might also find your W-2 online. Freelancers should also be on the lookout for a 1099 form from each of their clients.

Here are a few other tax forms you might need:

Mortgage interest statements
Investment income statements
Charitable contribution statements

Now’s also a great time to gather your receipts (you kept those, right?) if you plan on itemizing your deductions so you’re not scrambling and pulling your hair out by the time April rolls around.

Once you have these forms gathered and organized, you’ve got the green light to file your taxes. If you’re not sure you have everything you need, you’ll want to reach out to a tax pro—especially if you have a complicated tax situation.

Tax Year vs. Tax Season

Before we dive into tax brackets, let’s talk some lingo. You’ll often hear the phrases tax year and tax season. These are not the same thing.

The tax year is the actual year where you earn income, pay income taxes, make charitable contributions, work side gigs, etc. The tax season is when you file, report and pay any taxes owed from the last year.

So, during the 2023 tax season, you file taxes for the 2022 tax year. Got it? Keep that in mind whenever we’re talking about the tax season or tax year. It’s important!

Income Brackets and Rates for the 2023 and 2024 Tax Seasons

Here’s a refresher on how income brackets and tax rates work: Your tax rate (the percentage of your income you pay in taxes) is based on what tax bracket (income range) you’re in.

For example, if you’re single and your income is $75,000, then you’re in the 22% tax bracket. But that doesn’t mean your tax rate is a flat 22%. Instead, part of your income is taxed at 10%, another part at 12%, and the last part at 22%. (We break it down in the chart below.)

For the 2022 tax year, the tax brackets went up a few hundred dollars to account for inflation. The 2023 tax brackets also look a little different.

2022 Marginal Income Tax Rates and Brackets

2022 Marginal Tax Rates	Single Tax Bracket	Married Filing Jointly Tax Bracket	Head of Household Tax Bracket	Married Filing Separately Tax Bracket
10%	$0–10,275	$0–20,550	$0–14,650	$0–10,275
12%	$10,276–41,775	$20,551–83,550	$14,651–55,900	$10,276–41,775
22%	$41,776–89,075	$83,551–178,150	$55,901–89,050	$41,776–89,075
24%	$89,076–170,050	$178,151–340,100	$89,051–170,050	$89,076–170,050
32%	$170,051–215,950	$340,101–431,900	$170,051–215,950	$170,051–215,950
35%	$215,951–539,900	$431,901–647,850	$215,951–539,900	$215,951–323,925
37%	Over $539,900	Over $647,850	Over $539,900	Over $323,925²

2023 Marginal Income Tax Rates and Brackets

2023 Marginal Tax Rates	Single Tax Bracket	Married Filing Jointly Tax Bracket	Head of Household Tax Bracket	Married Filing Separately Tax Bracket
10%	$0–11,000	$0–22,000	$0–15,700	$0–11,000
12%	$11,001–44,725	$22,001–89,450	$15,701–59,850	$11,001–44,725
22%	$44,726–95,375	$89,451–190,750	$59,851–95,350	$44,726–95,375
24%	$95,376–182,100	$190,751–364,200	$95,351–182,100	$95,376–182,100
32%	$182,101–231,250	$364,201–462,500	$182,101–231,250	$182,101–231,250
35%	$231,251–578,125	$462,501–693,750	$231,251–578,100	$231,251–346,875
37%	Over $578,125	Over $693,750	Over $578,100	Over $346,875³

Higher Standard Deductions in 2022 and 2023

When you pay taxes, you have the option of taking the standard deduction or itemizing your deductions (calculating your deductions one by one). Itemizing is more of a hassle, but it’s worth it if your itemized deductions add up to more than the standard deduction.

Don’t settle for tax software with hidden fees or agendas. Use one that’s on your side—Ramsey SmartTax.

For tax years 2022 and 2023, the standard deduction went up to adjust for inflation.

Standard Deduction

Filing Status	2021	2022	2023
Single	$12,550	$12,950	$13,850
Married Filing Jointly	$25,100	$25,900	$27,700
Married Filing Separately	$12,550	$12,950	$13,850
Head of Household	$18,800⁴	$19,400⁵	$20,800⁶

Not sure whether you want to take the standard deduction or itemize? Everyone’s situation is different, so there’s no one-size-fits-all answer. You might want to talk to a tax pro if you’ve got a complicated situation with lots of possible deductions.

Tax Deductions and Credits to Consider for Tax Season 2023 and 2024

The closest things to magic words when it comes to taxes are deductions and credits. Both help you keep more money in your pocket instead of Uncle Sam’s but in slightly different ways.

Tax deductions help lower the amount of your income that can actually be taxed. Some deductions are only available if you itemize your deductions, while others are still available even if you decide to take the standard deduction.

Tax credits, on the other hand, are dollar amounts actually subtracted from your tax bill, and there are two types: refundable and nonrefundable. If a credit is greater than the amount you owe and it’s a refundable credit, the difference is paid to you as a refund. Score! If it’s a nonrefundable credit, your tax bill will be reduced to zero, but you won’t get a refund. Still a win!

Here are some deductions and credits you might be able to claim on your 2022 or 2023 tax return.

1. Charitable Deductions

One of the biggest changes to the 2023 tax season is how much of your charitable donations you can deduct. Unfortunately, the changes take away most of the extra benefits offered in 2021 because of the pandemic. For example, the $600 charitable deduction for non-itemizers—folks taking the standard deduction—has gone bye-bye.⁷ Bummer!

But you can still deduct qualified charitable donations you made in 2022—as long as you itemize your deductions. The limit for this is 60% of your adjusted gross income (AGI), which is your total income minus other deductions you’ve already taken.⁸

2. Medical Deductions

If you found yourself with hefty medical bills in 2022, you might be able to find at least some tax relief.

3. Business Deductions

If you’re self-employed, there are a bunch of deductions you can claim on your tax return—including travel expenses and the home office deduction if you use part of your home for business purposes.¹⁰

But if you’re one of the millions of people who work remotely, you won’t be able to claim the home office deduction since it’s reserved for self-employed people only. Sorry!

4. Earned Income Tax Credit (EITC)

This one’s a biggie. The EITC is a refundable credit designed to help out low- and middle-income households. To qualify for the credit in the 2022 tax year, a single filer with no children must have an AGI below $16,480, while the cap for a married couple with three or more children is $59,187.¹¹

Maximum Adjusted Gross Income Limits

Dependents Claimed	Single, Head of Household or Widowed	Married Filing Jointly
	$16,480	$22,610
1	$43,492	$49,622
2	$49,399	$55,529
3 or more	$53,057	$59,187¹²

And here’s the maximum EITC credit amounts you can get based on your AGI and number of qualifying dependents:

Maximum EITC Credit Amounts

Qualifying Dependents	Maximum Credit Amounts
	$560
1	$3,733
2	$6,164
3 or more	$6,935¹³

You cannot claim the EITC if you have investment income over $10,300 or if you’re married filing separately.¹⁴

Depending on your income, your filing status and number of dependents, the credit could save you anywhere from a few hundred to a few thousand dollars on your taxes. But here’s a crazy stat: About one out of five eligible taxpayers either don’t claim the benefit on their taxes or don’t file a tax return at all.¹⁵ Don’t let that be you!

5. Child Tax Credit

Got kids? Well, here’s a tax credit just for you! The child tax credit (CTC) lets you credit up to $2,000 per dependent child under the age of 17. The income limit is $400,000 for married filing jointly and $200,000 for all the others.¹⁶ The CTC is also partially refundable up to $1,500.¹⁷

There are plenty of other deductions and credits that might be up for grabs depending on your situation. If you don’t want to miss out on any tax savings, you’ll want to work with a tax advisor who can make sure you’re not leaving anything on the table.

6. Child and Dependent Care Credit

This is another great credit parents and guardians should know about. The child and dependent care credit is a nonrefundable credit that allows taxpayers to offset some of the costs of paying for services like babysitters, day care and in-home caregivers for older dependents.

Here’s how it works: You can claim 20–35% of up to $3,000 ($6,000 for two or more dependents) for the cost of care. The percentage of the credit depends on your AGI. Families with an AGI of $15,000 or less can claim the full 35%. As you earn more income, the credit is reduced. But a family with an AGI of over $43,000 can still claim the minimum credit rate of 20%.¹⁸

Let’s break it down. You pay $250 a week for Junior to go to daycare. That’s about $13,000 a year (ouch). If you qualify to credit 20% of $3,000 in care costs, you get $600 knocked off your tax bill. Not too shabby!

7. Education Credits

Bettering yourself or your children through education is a good thing, and it’s even better when you get a tax break.

The American opportunity tax credit (AOTC) is a partially refundable credit that pays for education expenses for students in the first four years of college. You can claim up to $2,500 per student—and if the credit brings your tax bill to zero, 40% (up to $1,000) will be refunded to you.¹⁹ Who can complain about free money, especially when it comes to paying for college?

Another education credit is the lifetime learning credit (LLC). This one isn’t refundable, but it covers up to $2,000 in qualified educational expenses per return. While you can only take advantage of the AOTC for undergrad expenses, you can reap the benefits of the LLC for expenses related to all kinds of educational opportunities—from degree programs to technical classes to improving job skills.

But beware: You can claim both the AOTC and the LLC on your tax return—but not for the same student or the same expenses.²⁰

1099-K Changes Delayed Until 2023 Tax Year

The IRS was set to make massive changes to the 1099-K form for this tax season, but those changes have just been delayed until the 2024 tax season. That’s good news for all you small business owners!

When you file your taxes in early 2023, a 1099-K form is only required if you’ve had more than 200 third-party business transactions a year and they’ve added up to more than $20,000 of income. These are the same thresholds for 1099-K forms as previous years. Looking ahead, however, a lot more people will have to file a 1099-K in 2024, especially those who own a small business or have a side hustle.

Here’s how it will break down: You’ll receive a 1099-K form during tax season 2024 if you accept payments for goods or services over a third-party network (think Venmo, PayPal, Stripe, Square, Zelle and Cash App) that are more than $600, even if it’s just one transaction over $600!²¹

And be careful—with every new change, there’s bound to be hiccups. Remember, the IRS doesn’t tax personal gifts from friends or family or reimbursem*nts for personal expenses.²² So, if you receive a 1099-K by mistake, you might want to cover your bases by contacting whichever third-party network sent it to you.

Smaller Tax Refunds for 2023

Here’s some more not-so-awesome news: The IRS warned people to expect smaller tax refunds in 2023.²³ Why? Two big reasons:

There were no economic impact payments in 2022, so taxpayers won’t get an extra stimulus payment in their 2023 tax refund checks.
Expanded tax credits and deductions—like the child tax credit and charitable contributions deduction—reverted to their pre-COVID-19 amounts.

But guess what? Getting a refund check isn’t all it’s cracked up to be. Basically, this means you’ve been giving Uncle Sam interest-free loans throughout the year! A tax refund is just the government paying back money that was already yours in the first place (unless you scored some sweet refundable tax credits).

What you really want to do is adjust your tax withholdings so you owe nothing and get nothing from the IRS every year. This way, those hard-earned dollars stay in your paycheck and come home with you every payday.

Student Loan Forgiveness Tax

If you follow the headlines, you know the Biden administration announced a plan to forgive up to $20,000 in student loans per person. Thanks to the American Rescue Plan, you won’t owe federal income taxes on loan forgiveness when (or if) the loans are actually forgiven—as long as it happens before 2025.²⁴

Now, there’s a chance you might owe state income tax depending on where you live. If you live in a state that follows federal tax rules or doesn’t have an income tax, you’ve got nothing to worry about. But some states are either undecided or plan to tax student loan forgiveness as earned income. These states are Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina and Wisconsin.²⁵

Retirement Plans: 401(k)s, IRAs and More

There are several key changes and inflation adjustments to retirement plans in 2023—and some of those changes could impact your tax bill in 2024. Let’s dive in.

401(k) and IRA Contribution Limits Increase

To account for inflation and an increased cost of living, the IRS bumped up 401(k) and IRA retirement plan contribution limits for 2023:²⁶

If you contribute to a 401(k) or 403(b), you can now put in up to $22,500 a year (up from $20,500). You can also contribute an extra $7,500 as a catch-up contribution if you’re 50 or older.
If you have a traditional or Roth IRA, you can now contribute up to $6,500 (up from $6,000). If you’re 50 or older, you can put in an extra $1,000.

Income Limits Increase for Roth IRA Contributions

The Roth IRA income limits for contributions are also increasing in 2023:²⁷

Single and head of household:You can contribute up to the limit if you make less than $138,000, a reduced amount between $138,000 and $153,000 (up from between $129,000 and $144,000), and nothing after $153,000.
Married filing jointly:You can contribute up to the limit if you make less than $218,000, a reduced amount between $218,000 and $228,000 (up from between $204,000 and $214,000), and nothing after $228,000.
Married filing separately:Here's where it gets a little tricky. If you lived with your spouse for any amount of time during the year and your income is more than $10,000, you won't be able to contribute anything to a Roth. But if youdid notlive with your spouse at all, you'll have the same contribution limits as a single or head of household taxpayer (see above).

Deduction Limits Increase for Traditional IRA Contributions

Remember this for the 2024 tax season. Phase-out limits for deducting traditional IRA contributions are . . . you guessed it, increasing. What are phase-out limits, you ask? It simply means that your deduction gets lower as your income gets higher.

You can take a full deduction up to the limit ($6,500 for most folks and $7,500 if you’re 50 or older) if neither you nor your spouse participate in an employer-sponsored plan. Cha-ching! If you do contribute to an employer-sponsored plan, the deduction phases out as your income increases depending on your filing status:²⁸

Single: You get a full deduction if your income is less than $73,000. You can take a partial deduction if your income is between $73,000 and $83,000. The deduction phases out completely if you make more than $83,000.
Married filing jointly: You get a full deduction if you make less than $116,000. If your income is between $116,000 and $136,000, the deduction is only partial. Anyone making more than $136,000 gets no deduction.

Let’s say you’re not covered by an employer-sponsored plan at work but your spouse is:²⁹

Married filing jointly: You can take a full deduction if you make less than $218,000, a partial deduction if you make between $218,000 and $228,000, and no deduction if you make more than $228,000.
Married filing separately: You get a partial deduction if you make less than $10,000. There’s no deduction if you make more than $10,000.

If you need help navigating retirement plans, it’s probably a good idea to reach out to an investment professional who can walk you through the process.

File Your Taxes With Confidence in 2023

Win with taxes (and avoid costly mistakes) when you do your taxes the Ramsey way. Ramsey SmartTax is the no-nonsense tax software you can trust. It’s simple to use with no hidden fees and no hidden agenda. It’ll even teach you along the way so you feel empowered to do your own taxes with confidence.

File your taxes with Ramsey SmartTax!

But what if you have a more complicated tax situation or had a wild year in 2022? In that case, working with a tax pro is a smart move. And if you’re looking for a trustworthy tax professional in your area, try one of our Endorsed Local Providers (ELPs). They’re RamseyTrusted and know the tax code so you don’t have to.

Find a tax pro in your area today!

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Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Learn More.

FAQs

Tax Season 2023: What You Need to Know? ›

Standard deduction increase: The standard deduction for 2023 (which'll be useful when you file in 2024) increases to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: The income tax brackets will also increase in 2023.

Find Out More ›

How to prepare for tax season 2023? ›

Here are seven key ways to begin preparing for the upcoming tax season.

Understand Your Filing Status. ...
Make Sure Your Name & Address Are Updated. ...
Organize Your Tax Documents. ...
Decide Whether You'll DIY or Use a Tax Preparer. ...
Max Out Your IRA Contributions. ...
Consider Filing an Extension. ...
Adjust Your Withholding.

Mar 28, 2023

What are important tax changes for 2023? ›

Will I get a bigger tax refund in 2023? ›

According to early IRS data, the average tax refund will be about 11% smaller in 2023 versus 2022, largely due to the end of pandemic-related tax credits and deductions.

What does tax season start 2023? ›

IRS kicks off 2023 tax filing season with returns due April 18 | Internal Revenue Service.

Show Me More ›

What is the average tax refund in 2023? ›

As of Apr. 21, the IRS reported the average refund amount (aka money taxpayers overpaid the government) in 2023 as $2,753. This is almost a 9% drop from what the average refund amount was last year, which clocked in at $3,012.

Why are tax refunds lower for 2023? ›

The IRS previously forecast that refund checks were likely to be lower in 2023 due to the expiration of pandemic-era federal payment programs, including stimulus checks and child-related tax and credit programs.

Find Out More ›

Are tax brackets going up in 2023? ›

The IRS has released tax brackets for the 2023 tax year that have upper limits 7% higher than the brackets for 2022 returns. If your income isn't keeping up with inflation, the increases in the brackets make it less likely you'll pay higher tax rates.

Show Me More ›

What is the new tax law for $600? ›

The new ”$600 rule”

Under the new rules set forth by the IRS, if you got paid more than $600 for the transaction of goods and services through third-party payment platforms, you will receive a 1099-K for reporting the income.

Get More Info ›

What is the average tax refund for a single person making $30000? ›

What is the average tax refund for a single person making $30,000? Based on our estimates using the 2017 tax brackets, a single person making $30,000 per year will get a refund of $1,556. This is based on the standard deduction of $6,350 and a standard $30,000 salary.

Tell Me More ›

Will less taxes be taken out in 2023? ›

2023 Tax Bracket Changes

Broadly speaking, the 2023 tax brackets have increased by about 7% for all filing statuses. This is significantly higher than the roughly 3% and 1% increases enacted for 2022 and 2021, respectively.

Learn More Now ›

How to get a $10,000 tax refund? ›

CAEITC

Be 18 or older or have a qualifying child.
Have earned income of at least $1.00 and not more than $30,000.
Have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN) for yourself, your spouse, and any qualifying children.
Living in California for more than half of the tax year.

More items...

Feb 13, 2023

Learn More Now ›

Do you get a bigger refund if you make less money? ›

The less money you have withheld, the more money you'll get in each check and the smaller your tax refund will be. Just keep in mind that if you reduce your withholdings too much, you'll end the year with an outstanding balance and the IRS will be dropping off a tax bill when you file your returns.

Get More Info ›

How can I get a bigger tax refund with no dependents? ›

6 Ways to Get a Bigger Tax Refund

Try itemizing your deductions.
Double check your filing status.
Make a retirement contribution.
Claim tax credits.
Contribute to your health savings account.
Work with a tax professional.

Mar 22, 2023

Find Out More ›

Can you claim gas on taxes? ›

If you're claiming actual expenses, things like gas, oil, repairs, insurance, registration fees, lease payments, depreciation, bridge and tunnel tolls, and parking can all be deducted." Just make sure to keep a detailed log and all receipts, he advises, and keep track of your yearly mileage and then deduct the ...

Find Out More ›

Can I claim my dog on my taxes? ›

You may claim income your pet earns on your taxes, and you can also receive tax deductions for care of working animals, including: Guard animals. Search animals. Livestock.

Know More ›

Should I keep grocery receipts for taxes? ›

Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return.

Discover More ›

What is the federal tax rate for 2023 2023? ›

For the 2023 tax year, there are seven tax rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%, the same as in tax year 2022. Tax returns for 2023 are due in April 2024, or October 2024 with an extension.

Get More Info ›

Why do so many people owe taxes 2023? ›

A: During the pandemic, Congress enacted some enhanced tax credits to help support families and some were sunsetted to cut back to pre-pandemic (2019) levels for 2022. As a result, many taxpayers may end up owing more tax this year (or getting a smaller refund).

Explore More ›

Is it better to get a refund or owe taxes? ›

Underestimating your tax burden and not having enough money withheld from your paycheck will cause you to owe the IRS. Nobody likes to owe taxes, but sometimes it actually is the best tax strategy. “In most cases it's better to owe than to receive a refund,” says Enrolled Agent Steven J. Weil, Ph.

Know More ›

Why is my paycheck higher in 2023? ›

Your 2023 Paychecks May Increase

The IRS adjustments will raise the top amounts of all seven federal income tax brackets for 2023, and thereby increase the paychecks of many employees by taxing more of their earnings at lower rates.

What are the payroll changes for 2023? ›

For 2023, the Social Security tax wage base for employees will increase to $160,200. The Social Security tax rate for employees and employers remains unchanged at 6.2% on wages up to $160,200. Medicare tax will also apply to all wages and will be imposed at a rate of 1.45% for both employees and employers.

Keep Reading ›

What is the $600 rule for 2023? ›

1099-K Reporting Requirement 2023

Previously, to receive a 1099-K from a third-party payment network, you had to exceed $20,000 in transactions for goods and services and have more than 200 business transactions in a year. But for transactions that occur during 2023, the $600 1099-K threshold currently applies.

Get More Info ›

Does Zelle report to IRS? ›

Long story short: Zelle's setup, which uses direct bank-to-bank transactions, is not subject to the IRS's 1099-K reporting rules. Other peer-to-peer payment apps are considered “third-party settlement organizations” and are bound by stricter tax rules.

How much money can you make before reporting to IRS? ›

Tax Year 2022 Filing Thresholds by Filing Status

Filing Status	Taxpayer age at the end of 2022	A taxpayer must file a return if their gross income was at least:
single	under 65	$12,950
single	65 or older	$14,700
head of household	under 65	$19,400
head of household	65 or older	$21,150

6 more rows

Get More Info ›

How to get $7,000 tax refund? ›

Below are the requirements to receive the Earned Income Tax Credit in the United States: Have worked and earned income less than $59,187. Have investment income less than $10,300 in tax year 2022. Have a valid Social Security number by the due date of your 2021 return.

Will 2024 tax refunds be higher? ›

The inflation-adjusted increases to certain tax credits, deductions, and tax brackets for next year could translate into larger tax refunds when folks file their taxes in 2024. The tax bracket ranges are increasing by 6.9% on average for the 2023 tax year, according to the National Association of Tax Professionals.

Why do I owe taxes this year if I claim 0? ›

Why do you still owe taxes if you claimed zero? There are a few reasons why you would still owe money if you have claimed zero on your tax forms. Some reasons are if you have additional income, have a spouse that earns income or if you earn bonuses or commissions.

Know More ›

What increases your tax refund? ›

Another way to increase your tax refund while saving money long-term is to maximize retirement contributions. By putting money into an account such as a 401(k) or individual retirement account (IRA) you can reduce your taxable income while growing your retirement portfolio.

Get More Info ›

What can I write off of my taxes? ›

What Can Be Deducted From My Taxes?

Business expenses (must be ordinary and necessary)
Student loan interest.
Traditional IRA contributions.
HSA contributions (other than those paid through your employer)
Charitable contributions.
Medical expenses more than 10% of your AGI.
Mortgage interest.

More items...

Explore More ›

How much is the EITC for 2023? ›

Tax Year 2023

Children or Relatives Claimed	Filing as Single, Head of Household, or Widowed	Filing as Married Filing Jointly
Zero	$17,640	$24,210
One	$46,560	$53,120
Two	$52,918	$59,478
Three	$56,838	$63,698

Mar 8, 2023

See Details ›

Can I claim my girlfriend as a dependent? ›

You can claim a boyfriend or girlfriend as a dependent on your federal income taxes if that person meets certain Internal Revenue Service requirements. To qualify as a dependent, your partner must have lived with you for the entire calendar year and listed your home as their official residence for the full year.

Read On ›

What is the largest tax refund? ›

Utah has the largest average federal tax refund. Note: This is based on 2021 IRS data for federal tax refunds issued. Utah's average federal tax refund for 2021 was $1,812.

What happens if you refund too much? ›

If your refund exceeds your total balance due on all outstanding tax liabilities including accruals, you'll receive a refund of the excess unless you owe certain other past-due amounts, such as state income tax, child support, a student loan, or other federal nontax obligations which are offset against any refund.

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Can I claim 2 if I have no dependents? ›

If you are single and do not have any children, as well as don't have anyone else claiming you as a dependent, then you should claim a maximum of 1 allowance. If you are single and someone is claiming you as a dependent, such as your parent, then you can claim 0 allowances.

What is the maximum tax refund for one child? ›

For the 2022 tax year (returns filed in 2023), the child tax credit is worth up to $2,000 per qualifying dependent. The credit is also partially refundable, meaning some taxpayers may be able to receive a tax refund for any excess amount up to a maximum of $1,500.

Show Me More ›

What disqualifies you from earned income credit? ›

For the EITC, we don't accept: Individual taxpayer identification numbers (ITIN) Adoption taxpayer identification numbers (ATIN) Social Security numbers on Social Security cards that have the words, "Not Valid for Employment," on them.

Discover More Details ›

Is the standard deduction changing in 2023? ›

Standard Deduction: How Much It Is in 2022-2023 and When to Take It. The 2022 standard deduction is $12,950 for single filers, $25,900 for joint filers or $19,400 for heads of household. Those numbers rise to $13,850, $27,700 and $20,800, respectively, for tax year 2023.

Get More Info ›

Will 2023 taxes be the same as 2022? ›

With federal tax brackets and rates, the tax rates themselves aren't changing. The same seven tax rates in effect for the 2022 tax year – 10%, 12%, 22%, 24%, 32%, 35%, and 37% – still apply for 2023.

Tell Me More ›

What are senior tax deductions for 2023? ›

If you are at least 65 years old or blind, you can claim an additional 2023 standard deduction of $1,850 (also $1,850 if using the single or head of household filing status). If you're both 65 and blind, the additional deduction amount is doubled.

How do I get a $10000 tax refund 2023? ›

How to Get the Biggest Tax Refund in 2023

Select the right filing status.
Don't overlook dependent care expenses.
Itemize deductions when possible.
Contribute to a traditional IRA.
Max out contributions to a health savings account.
Claim a credit for energy-efficient home improvements.
Consult with a new accountant.

Jan 24, 2023

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What is the senior deduction in 2023? ›

For 2023, assuming no changes, Ellen's standard deduction would be $15,700: the usual 2023 standard deduction of $13,850 available to single filers, plus one additional standard deduction of $1,850 for those over 65.

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Why do I owe so much in taxes 2023? ›

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What is the IRS inflation adjustment for 2023? ›

Inflation last year reached its highest level in the United States since 1981. As a result, the IRS announced the largest inflation adjustment for individual taxes in decades: 7.1 percent for tax year 2023.