What are standard tax deductions for individuals?
An example of an AI chatbot conversation about standard tax deductions individuals can claim.
What are standard tax deductions for individuals?
Standard tax deductions reduce your taxable income. For 2023, it's $13,850 for single filers and $27,700 for married couples.
Are there any specific requirements to qualify for the standard deduction?
Yes, you must not be claimed as a dependent on someone else's tax return and meet other filing criteria.
Can I still itemize deductions if I take the standard deduction?
No, you must choose one or the other. You can't claim both in the same tax year.
What happens if I exceed the standard deduction amount?
If your itemized deductions exceed the standard deduction, you can choose to itemize instead for a larger deduction.
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