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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

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