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January 31, 2024

Before You File: Common Questions for Tax Year 2023

Are you preparing to file your tax return in 2024 for the 2023 tax year? Make sure you’re aware of any changes that may impact you — especially if you prepare your tax return yourself. Let’s talk about some of the basics you should know before you file. For more detailed information, visit IRS.gov or contact a qualified tax professional.

When are 2023 taxes due?

If you are an average taxpayer who files once per calendar year, you must file your tax returns electronically or properly address, postmark and mail them by Monday, April 15, 2024, known as Tax Day. Need more time? Learn more about filing an extension.

Do Grow members get any tax season discounts?

We love to help you save money! Grow members can get a discount on TurboTax® federal online products as well as professional tax preparation through H&R Block®, available through Love My Credit Union Rewards.1,2

What are the tax brackets?

Federal income tax brackets increased by about 7% from tax year 2022 to tax year 2023. This adjustment might help people whose pay has not kept up with inflation. Learn more about the marginal rates for tax year 2023.

Marginal Rates for Tax Year 2023 Income (Single) Income (Married Filing Jointly)
37% over $578,125 over $693,750
35% over $231,250 over $462,500
32% over $182,100 over $364,200
24% over $95,375 over $190,750
22% over $44,725 over $89,450
12% over $11,000 over $22,000
10% $11,000 or less $22,000 or less

 

What’s the standard deduction for tax year 2023?

The standard deduction is a flat amount based on your filing status. For tax year 2023, the standard deduction has been adjusted for various filing statuses to account for inflation. Married couples filing jointly can take a standard deduction of $27,700, up by $1,800 from the previous tax year. Single taxpayers and those married filing separately see increases to $13,850 and heads of households to $20,800. Learn more and find out your standard deduction.

Do seniors qualify for an additional standard deduction?

Taxpayers aged 65 and older and people with blindness may qualify for an additional deduction. Learn more.

Should I itemize deductions?

The answer depends on your unique circumstances and how many deductions you qualify for. For most people, the standard deduction works out in their favor. The IRS has a resource to help you decide whether you should itemize. Check it out.

What tax credits are available?

You don’t want to miss any available tax credits, which reduce taxable income dollar for dollar and may even increase your refund. A few popular tax credits include:

  • Child Tax Credit: This credit helps families with qualifying dependents get a tax break. Some people might be able to claim this credit even if they don’t normally file a tax return. Learn more.
  • Earned Income Tax Credit (EITC): The EITC helps low- to moderate-income people and families get a tax break. Check whether you qualify.
  • Clean Vehicle and Energy Credits: Your purchase of an electric vehicle might qualify you for a tax credit. Learn more.
  • Education Credits: If you paid qualified education expenses for higher education last year, you might qualify for a credit. Learn more.

Remember, this list is not comprehensive. It’s always advisable to consult a tax professional for personalized advice based on your financial situation. For more information about filing taxes in 2024 for tax year 2023, visit IRS.gov or speak with a qualified tax professional.

1TurboTax® is not an affiliate of Grow Financial. See TurboTax product guarantees: http://turbotax.intuit.com/lp/yoy/guarantees.jsp ©1997–2023 Intuit Inc. All rights reserved. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of their respective owners.
2H&R Block® is not an affiliate of Grow Financial. H&R Block® is a registered trademark in the United States and other countries of HRB Tax Group, Inc. Terms apply. See offer for details.

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