Skip Nav
Consumerism
51 Affordable Valentine's Day Gifts For Any Type of Guy
Disney
19 Facts About Disney's Very Own Private Island
Oscars
A Breakdown of the Oscars Gift Bag Worth Over $200,000 — You Won't Believe What's Inside

Standard Deduction

Definition: Standard Deduction

If you're not someone who itemizes deductions on her tax return, then your other option is the standard deduction. Itemized deductions require that you've kept track of deductible expenses throughout the year, and many of us don't have expenses that would add up to more than the standard deduction, anyway.

Standard deductions (as with the itemized kind) reduce your adjusted gross income, and the amount of your allotted deduction is based on your filing status. See the current standard deduction amounts below.

  • Single: $5,700
  • Head of Household: $8,350
  • Married Filing Joint: $11,400
  • Married Filing Separate: $5,700
  • Qualifying Widow / Widower: $11,400
  • Dependent(s): $950-$5,700

If you have questions regarding your specific tax situation, be sure to visit the IRS website or call the agency for help.

Source

Around The Web

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

Join The Conversation
ilanac13 ilanac13 7 years
this year in the hopes of saving money - i was going to try to file myself online - but i'm just afraid that i'm going to miss something - and that won't be helpful for anyone!
mlen mlen 7 years
taxes confuse me! so if i am going to claim education credits- can i do that with the standard deduction or do i have to itemize?
aimeeb aimeeb 7 years
Just mailed mine out today. :)
aimeeb aimeeb 7 years
Just mailed mine out today. :)
Latest Career & Money
X