| Standard Deduction |
Itemized Deduction
- Employee Business Expense
- Casualty/Theft
- Medical and Dental
- Taxes you paid
- Home Mortgage Interest
- Contribution to Charitable Organizations
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| Standard Deduction |
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| Can I deduct the Standard Deduction on my tax return? |
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The standard deduction is a fixed dollar amount that reduces the amount of income on which you pay tax on your tax return. The amount of the basic standard deduction depends upon your tax return filing status. However, if you can be claimed as a dependent on someone else's tax return, your standard deduction amount may be different. In some cases, the standard deduction on your tax return can consist of two parts, the basic standard deduction, and an additional standard deduction amount for age, blindness, or both.
If a person is born or dies before the end of his or her tax year, the tax year is considered to cover a 12-month period. |
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| How much is my standard tax deduction? |
If your filing status is: |
Your standard tax deduction is: |
If 65 or over AND/OR blind add for EACH |
Single |
$5,150 |
$1,250 |
Married filing a joint tax return or Qualifying widow(er) with dependent child |
$10,300 |
$1,000 |
Married filing a separate tax return |
$5,150 |
$1,000 |
Head of Household |
$7,550 |
$1,250 |
Dependent Children |
The greater of $850 OR the amount of earned income, plus $300. Not to exceed $5,150 unless the dependent is blind. If blind add $1,250. |
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| What are the benefits of Standard Deduction? |
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You take benefit form the standard deduction if your standard deduction is more than the total of your allowable itemized deductions. You have a choice of either taking a standard deduction or itemizing your deductions. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed.
The standard deduction is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A of form 1040. The standard deduction is higher for taxpayers who are 65 or older or blind and you take higher standard deduction if your spouse's age is 65 or older or blind and you both are filing jointly or filing separate returns and can claim an exemption for your spouse. |
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| Who is not eligible for standard deduction? |
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Your standard deduction is zero and you should itemize any deductions you have if:-
- You are married and filing a separate return, and your spouse itemizes deductions,
- You are filing a tax return for a short tax year because of a change in your annual accounting period, or
- You are a nonresident or dual-status alien during the year. You are considered a dual-status alien during the year
Note: - if you are a nonresident alien who is married to a U.S. citizen or resident at the end of the year, you can choose to be treated as a U.S. resident. If you make this choice you can take the standard deduction. |
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| Can I deduct the standard deduction on my tax return? |
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Yes, either you select standard deduction or you select itemized deduction. You cannot select both. |
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