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After you file
Are your friends married? Or made less than you?
Every one gets a Standard Deduction unless their Itemized Deductions are more. It is a good thing. It is subtracted off your income before the tax is calculated so you get taxed on a lower amount. Which means the first 12,200 Single or 24,400 Joint of your income is not taxed and is tax free.
For 2019 the standard deduction amounts are:
Single 12,200 + 1,650 for 65 and over or blind (13,850)
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
‎June 29, 2020
1:53 PM