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Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their ... 2020 [10] $12,400 $24,800 $18,650 2019 [11] $12,200:
For tax year 2020, the standard deduction rises from 2019 levels to $12,400 for single filers, $24,800 for married filing jointly, $12,400 for married filing separately and $18,650 for heads of ...
The following is a breakdown of the IRS’ 2020 and 2021 tax brackets and rates, as well as a glance at some other important changes. ... The standard deduction for joint filers increases by $300 ...
In 2020, the deadline for filing a 2019 tax return was postponed by three months to July 15 -- a nearly unprecedented move that defined the turmoil of April last year. ... The standard deduction ...
The standard deduction nearly doubles, from $12,700 to $24,000 for married couples. For single filers, the standard deduction will increase from $6,350 to $12,000. About 70% of families choose the standard deduction rather than itemized deductions; this could rise to over 84% if doubled.
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 ...