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Deductions & credits
Personal exemptions were removed from the tax code after 2017. The Standard Deduction were increased. The Child Tax Credit was increased. A new credit for dependents age 17 or older was created, Other Dependent Tax Credit.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
‎July 17, 2020
10:35 AM
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