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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).
Under §1(g)(3)(A), the tax rate applied to the net unearned income is the difference between the parent's applicable tax rate and the tax rate that would have applied had the child's unearned income been added to the parent's income. Starting in 2008 the kiddie tax provision will apply to dependents under 19 and dependent full-time students ...
Because of itemized deduction caps and the standard deduction increase, the standard deduction gives almost 90% of tax filers the biggest tax break. TurboTax makes deciding easy.
According to tax pros, itemizing generally only makes sense if your itemized deductions, taken together, add up to more than the current standard deduction of $13,850 for a single filer and ...
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If the amounts of the itemized deductions and the standard deduction do not differ much, the taxpayer may take the standard deduction to reduce the possibility of adjustment by the Internal Revenue Service (IRS). The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes.
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The Individual Income Tax Act of 1944 created standard deductions on the 1040. [64] The tax return deadline was original set at March 1. This was changed to March 15 in the Revenue Act of 1918, and in the Internal Revenue Code of 1954, the tax return deadline was changed to April 15 from March 15, [64] as part of a large-scale overhaul of the ...