The following annual adjustments are applicable to the 2023 tax year.
- Standard Deduction for married couples filing jointly: $27,700 (Up $1,800 from the 2022 tax season.)
- Standard Deduction for single taxpayers & married taxpayers filing separately: $13,850 (Up $900 from the 2022 tax season)
- Standard Deduction for head of households: $20,800 (Up $1,400 from the 2022 tax season.)
- Maximum Earned Income Tax Credit: $7,430 (Up $495 from the 2022 tax season.)
- Foreign Earned Income Exclusion for 2023: $120,000 (Up $8,000 from the 2022 tax season)
You can read more on irs.gov.
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023
