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Why is my deduction so high for my federal.
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January 13, 2020
11:44 AM
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Which deduction? The Standard Deduction?
For 2019 the standard deduction amounts are:
Single 12,200 + 1,650 for 65 and over or blind
HOH 18,350 + 1,650 for 65 and over or blind
Joint 24,400+ 1,300 for each 65 and over or blind
Married filing Separate 12,200 + 1,300 for 65 and over or blind
January 13, 2020
12:04 PM
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The Tax Cuts and Jobs Act has substantially increased the standard deductions beginning with tax year 2018.
For 2019, standard deductions are:
For a taxpayer under 65, not claimed as a dependent
- $12,200 for Single
- $24,400 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
- $18,350 for Head of Household
- $12,200 for Married Filing Separately
- If you are over 65 or blind, add $1,300 for each instance if married or add $1,650 each instance if single or head of household
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January 13, 2020
3:11 PM