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Standard Deduction for dependent on 2020 return is 50% of what it was on 2019 return
I'm helping my son with his tax return. I claim him as a dependent as I did in 2020 (for 2019 tax return). His income was almost the same as in 2019. The standard deduction used on his 2019 return was $4433 and this year it's about half of that so he ends up owing taxes. Has the standard deduction for a single earning under $10K been reduced that much for 2020 or is something else causing this?
‎February 28, 2021
2:40 PM