5122 2023-2024 Form

Instructions and help about 5122 Instructions For Form 5122 City Income Tax State Of

HE DOES NOT. >>> CAUGHT FIRST HIGH INFLATION MAY MEAN LOWER TAX BILLS. THE IRS IS RAISING INCOME THRESHOLDS FOR ALL THE TAX BRACKETS AND INCREASING THE STANDARD DEDUCTION THAT MEANS MOST PEOPLE WHO FILE TAX RETURNS SHOULD BE ABLE TO KEEP MORE OF THEIR OWN MONEY NEXT YEAR. WELCOME NEWS FOR MANY AMERICANS, NO DOUBT BECAUSE SALARIES HAVE NOT KEPT UP WITH THE HIGHEST INFLATION RATE IN FOUR DECADES NBC'S TOM COSTELLO REPORTS ON HOW MUCH YOU COULD SAVE. >> Reporter: IT'S THE BIGGEST AUTOMATICALLY TRIGGERED CHANGE TO STANDARD IRS DEDUCTIONS SINCE 1985, AND COULD MEAN YOU'LL KEEP MORE OF YOUR MONEY DURING TAX YEAR 2023, WHICH STARTS IN JANUARY. HERE'S WHY UNDER FEDERAL LAW, TAX BRACKETS AND STANDARD DEDUCTIONSARE TIE TO INFLATION, NOW RUNNING AT 40-YEAR HIGHS. FOR THE VAST MAJORITY OF AMERICANS, TAKING THE STANDARD IRS DEDUCTION, THOSE ARE SET TO RISE FOR INDIVIDUALS, THE STANDARD DEDUCTION WILL JUMP $900 TO NEARLY $14,000 FOR TAX YEAR '23. FOR MARRIED COUPLES, THE DEDUCTION JUMP