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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).
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.
Form 1040-X (officially, the "Amended U.S. Individual Tax Return") is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).
One of the most fundamental decisions to make when filing a tax return is whether to itemize deductions or to use the standard deduction. The decision tends to be a financial one: You should ...
By contrast, a person who wins $3,000 in various gambling activities during the year and loses $3,500 in other gambling activities in that year can deduct only $3,000 of the losses against the $3,000 in income, resulting in a break-even gambling activity for tax purposes for that year—with no deduction for the remaining $500 excess loss.)
The federal government also grants a blanket standard deduction that is available to nearly all taxpayers, even if they don’t incur specific expenses that would qualify as itemized deductions.
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 first ...