[ST. PAUL, MN] – Governor Tim Walz today signed a bill that will adjust standard deduction amounts for tax year 2023. Chapter 76, House File 2757 corrects previous legislation that inadvertently used the 2019 standard deduction amounts instead of the 2023 amounts. The bill ensures that taxpayers will receive standard deductions this filing season that correctly address the inflation that has occurred since 2019.

Under this bill, the standard deduction amount for 2023 will be adjusted to $27,650 for married joint or surviving spouse filers, $20,800 for head of household filers, and $13,825 for all other filers.