The IRS is increasing the standard deductions for 2023 as inflation intensifies

Re:The IRS is increasing the standard deductions for 2023 as... by rudolph9 on Tuesday October 25, 2022 @03:37PM (#33335156)

So does this apply to 2022 paces paid in 2023 or will effect the next tax cycle?

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Re:The IRS is increasing the standard deductions for 2023 as... by inspector-g on Tuesday October 25, 2022 @04:08PM (#33335495)

Phrasing like “2023 tax year” typically means for taxes paid in 2023 (i.e. your return will be due in 2024 with any concomitant payment/refund). So this won’t take effect for another year, basically.

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Re:The IRS is increasing the standard deductions for 2023 as... by vikingerik on Tuesday October 25, 2022 @05:04PM (#33336169)

It takes effect at the start of 2023. You'll want to increase your 401k contributions right away at start of the year if you want to be at the new maximum. You can't do 401k contributions later while filing the taxes like you can for an IRA.

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