What's New in 2023?
Standard Deduction Amounts
For 2023, the standard deduction amount has been increased for all filers. The amounts are:
- Single or married filing separately: $13,850
- Married filing jointly or qualifying surviving spouse: $27,700
- Head of household: $20,800
Earned Income Tax Credit
Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022.
Child Tax Credit
Additional child tax credit amount increased.
The maximum additional child tax credit amount has increased to $1,600 for each qualifying child.
1099-K Payment Card and Third Party Network Transactions
Payment apps and online marketplaces such as Venmo, CashApp, or Zelle are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions.
Standard Deduction Amounts
For 2023, the standard deduction amount has been increased for all filers. The amounts are:
- Single or married filing separately: $13,850
- Married filing jointly or qualifying surviving spouse: $27,700
- Head of household: $20,800
Earned Income Tax Credit
Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022.
Child Tax Credit
Additional child tax credit amount increased.
The maximum additional child tax credit amount has increased to $1,600 for each qualifying child.
1099-K Payment Card and Third Party Network Transactions
Payment apps and online marketplaces such as Venmo, CashApp, or Zelle are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions.
Refer a Friend!
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