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These are the standard deduction amounts for tax year 2021, which you file in 2022: Single: $12,550. ... Going with the standard deduction is much easier from a filing standpoint, he said, but it ...
The 2021 standard deductions for all filing statuses are as follows: Single: $12,550 ... In 2021, the amount you can stash away increases to $3,600 for self-only coverage (up from $3,550 in 2020 ...
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).
Standard deduction: Individuals get a deduction from taxable income for certain personal expenses. An individual may claim a standard deduction. For 2021, the basic standard deduction was $12,550 for single individuals or married persons filing separately, $25,100 for a joint return or surviving spouse, and $18,800 for a head of household.
For tax year 2024, the standard deduction is $14,600 for single filers and married individuals filing separately, $21,900 for heads of household, and $29,200 for married couples filing jointly.
For tax year 2024—return you will file in 2025—the standard deduction amounts are: ... Say you got a $900,000 mortgage in 2016 and paid down the principal balance to $825,000 by early 2021. If ...