What you earned is irrelevant to the amounts the IRS gives you as a Standard Deduction and exemptions. There is a $4050 exemption for every person on the tax return. Your Standard Deduction is determined by your filing status.
- The
standard deduction for married filing jointly rises to $12,700
for tax year 2017, up $100 from the prior year. For
single taxpayers and married individuals filing separately, the standard
deduction rises to $6,350 in
2017, up from $6,300 in 2016, and for heads of households,
the standard deduction will be $9,350 for tax year 2017, up from $9,300 for
tax year 2016.
- The
personal exemption for tax year 2017
remains as it was for 2016: $4,050. However, the exemption is
subject to a phase-out that begins with adjusted gross incomes of $261,500
($313,800 for married couples filing jointly). It phases out completely at
$384,000 ($436,300 for married couples filing jointly.)
