What is the standard deduction for single filers?

$12,400
The amount of your standard deduction depends on the filing status you qualify for. In 2020 for example, single taxpayers and married taxpayers who file separate returns can claim a $12,400 standard deduction.

What was the standard deduction in 2010?

$11,400
Standard Deduction Amounts

What was the standard deduction for 2011?

The new standard deduction amount for 2011 is $11,600 for married couples filing jointly. That is an increase in the standard deduction from 2010 of $200. The 2011 standard deduction for single filers is $5,800, up from $5,700 in 2010.

Do seniors get a higher standard deduction?

Standard Deduction for Seniors – If you do not itemize your deductions, you can get a higher standard deduction amount if you and/or your spouse are 65 years old or older. You can get an even higher standard deduction amount if either you or your spouse is blind.

What falls under standard deduction?

The standard deduction reduces the amount of income you have to pay taxes on. Taking the standard deduction means you can’t deduct home mortgage interest or take the many other popular tax deductions — medical expenses or charitable donations, for example.

What is the standard deduction 2020?

For 2020, the standard deduction is $12,400 for single filers and $24,800 for married couples filing jointly. It was nearly doubled by Congress in 2017. The personal exemption is the subtraction from income for each person included on a tax return—typically the members of a family.

What is the standard deduction for over 65 in 2020?

For 2020, taxpayers who were at least 65 years old or blind could claim an additional standard deduction of $1,300 ($1,650 if using the single or head of household filing status). Once again, the additional deduction amount is doubled for anyone who is both 65 and blind.

How are standard deductions organized for Married Filing Separately?

Below, find standard deductions organized by tax return filing status, age, and an extra deduction amount if the taxpayer is legally blind. As married filing separately, if one spouse itemizes deductions, the other spouse can not claim the standard deduction.

What are the new tax deductions for filmmakers?

You can now deduct 100 percent of total qualified property that you use for your business. This includes property bought to complete a film or television show. You can claim that deduction upon release of the project as long as 75 percent of it is shot in the US.

What’s the standard deduction for a single person?

Your standard deduction amount depends on how you file your taxes. If you’re the head of a household, for example, your standard deduction will be higher than a single person. The current U.S. standard deduction amounts are: $12,000 for single taxpayers. $12,000 for married taxpayers who file their taxes separately.

What is the standard deduction for the IRS for 2020?

Standard Deduction Exception Summary for Tax Year 2020. If you are age 65 or older, your standard deduction increases by $1,650 if you file as Single or Head of Household. If you are legally blind, your standard deduction increases by $1,650.

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