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PoindexterOglethorpe

(28,003 posts)
10. Ahhh, my itemized deductions had gotten very low
Thu Mar 2, 2023, 03:18 AM
Mar 2023

in recent years. So for me, the increased standard deduction has been a godsend. The past two or three years I've paid zero federal income tax. Keep in mind, that my actual income is below the median, even in my state, NM, which is a very low-earning state. And because most of my income is tax exempt -- I have a tiny pension, 2 annuities, Social Security, and money I take from investments -- while my total income is, as I've said below the median, it's enough for me, a single person who is happy to live quite frugally.

Being relatively poor has its advantages.

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