For taxpayers who don’t itemize, the standard deduction for 2017 depends on their filing status: Single — $6,350. Married Filing Jointly — $12,700. Head of Household — $9,350.
Who can claim the standard deduction?
All tax filers can claim this deduction unless they choose to itemize their deductions. For the 2020 tax year, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Filers who have a head of household status get a deduction of $18,650.
What is the standard deduction for someone who can be claimed as a dependent?
Dependents – If you can be claimed as a dependent by another taxpayer, your standard deduction for 2020 is limited to the greater of: (1) $1,100, or (2) your earned income plus $350 (but the total can’t be more than the basic standard deduction for your filing status).
What was the standard of deduction of taxes in 2017 and 2018?
The Tax Cuts and Jobs Act (TCJA) increased the standard deduction from $6,500 to $12,000 for individual filers, from $13,000 to $24,000 for joint returns, and from $9,550 to $18,000 for heads of household in 2018. As before, the amounts are indexed annually for inflation.
What deductions can I claim in 2017?
11 tax deductions and other ways to cut your 2017 tax bill
- Traditional IRA contributions.
- Head of household filing status.
- Moving expenses.
- Mileage.
- Other job-related expenses.
- Gambling losses.
- Personal property taxes.
- Medical expenses.
What is the standard deduction for over 65 in 2020?
For 2020, taxpayers who were at least 65 years old or blind could claim an additional standard deduction of $1,300 ($1,650 if using the single or head of household filing status). Once again, the additional deduction amount is doubled for anyone who is both 65 and blind.
What is the standard deduction for a single person in 2020?
$12,400
In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household.
Is the standard deduction going up in 2017?
Under the current IRS law, the standard deduction has increased for the 2017 tax year (for which you’ll file a tax return in 2018).
What’s the standard deduction for blind people in 2017?
The additional standard deduction for people who have reached age 65 (or who are blind) is $1,250 for married taxpayers or $1,550 for unmarried taxpayers. The personal exemption amount for 2017 is $4,050.
Is there standard deduction for mortgage interest in 2017?
In other words, you can’t take the standard deduction and deduct your mortgage interest. Under the current IRS law, the standard deduction has increased for the 2017 tax year (for which you’ll file a tax return in 2018). There are three different standard deduction amounts, which vary depending on tax filing status.
What was the personal exemption amount for 2017?
The personal exemption amount for 2017 is $4,050. However, the total personal exemptions to which you’re entitled will be phased out (i.e., reduced and eventually eliminated) as your adjusted gross income (i.e., the last line of the first page of your Form 1040) moves through a certain range.
