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Each year, taxpayers have the option of claiming the standard deduction or the itemized deduction. For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or ...
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
IRS Form 1040 Instructions: How to Fill Out a 1040 . ... You’ll find the current standard deduction amounts on page 6 of the 1040 instructions. Line 13: Use Form 8995 or Form 8995-A, ...
For 2010, the standard deduction for married couples filing a joint return is $11,400. The standard deduction for individual taxpayers and married couples filing separate returns is $5,700.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
The decision tends to be a financial one: You should generally itemize your deductions on your federal form 1040, Schedule A, if your itemized deductions are more than your standard deduction. For ...