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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 ...
Under United States tax law, the standard deduction is a dollar amount that non-itemizers may ... 2010: $5,700: $11,400: ... Standard deduction in 2023 70-year-old ...
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.
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 ...
It was limited to taxpayers with taxable income below $100,000 who take the standard deduction instead of itemizing deductions. [68] The 1040EZ was used for tax years 1982–2017. Its use was limited to taxpayers with no dependents to claim, with taxable income below $100,000 who take the standard deduction instead of itemizing deductions. [69]
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 ...
Here are additional 2024 standard deductions for those over 65 showing the IRS’s tax inflation adjustments: Joint filers and surviving spouses can deduct an additional $1,550 per person over 65.
Every year, filing your taxes can be a daunting -- and pricey -- task. The federal government requires you to pay taxes, but there are ways to minimize how much you owe. One of those ways is by ...