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Get your taxes done using TurboTax
You have to file a tax return if your taxable income is higher than the standard deduction, regardless of how the income is used. The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300. If you're over 65 the standard deduction is increased by $1300.
It might still be best if you file a joint tax return rather that a separate tax return for your spouse.
Answers are correct to the best of my ability but do not constitute legal or tax advice.
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‎January 14, 2021
10:13 AM
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