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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

Join The Conversation
ilanac13 ilanac13 8 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 8 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 8 years
Just mailed mine out today. :)
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