When Can You Claim the Standard Deduction? Here’s what that means: If you earned $75,000 in 2022 and file as a single taxpayer, taking the standard deduction of $12,950 will reduce your taxable income to $62,050. You simply claim a flat dollar amount determined by the IRS. The standard deduction is the simplest way to reduce your taxable income on your tax return.
Married Filing Jointly & Surviving Spouses
