2023 Tax Updates and Form 1040 Overview

What is the new standard deduction for a single filer in 2023?

• $15,000

• $13,850

• $12,400

• $14,000

Which holiday allows residents of Massachusetts to file their taxes later than April 15th?

• Independence Day

• Labor Day

• Patriots Day

• Thanksgiving

What is the increased amount for the additional child tax credit per qualifying child?

• $2,000

• $1,400

• $1,000

• $1,600

Which form should be used to report the clean vehicle credit for previously owned vehicles?

• Form 7206

• Form 1040

• Form 8936

• Form 3800

What is the maximum one-time distribution amount allowed from an IRA to charities starting in 2023?

• $10,000

• $25,000

• $50,000

• $100,000