what is the standard deduction for tax year 2023 
for tax year 2023 the standard deduction is 13 850 for single and married filing separately taxpayers 20 800 for heads of household and 27 700 for married filing jointly filers and surviving spouses 12 for tax year 2024 those figures are 14 600 21 900 and 29 200 13the bottom linetax deductible interest allows you to reduce your taxes by claiming allowable borrowing expenses student loan interest is taken as an income adjustment so you don t need to itemize your taxes to benefit from this tax break however deducting investment interest and mortgage interest requires itemizing your taxes on schedule a given the size of the standard deduction it may not be worth your while to itemize and deduct these costs do the math each year to determine which approach is best for you financially 