topic Standard deduction in Deductions & credits

Standard deduction

coco_nichelle — Sat, 01 Jun 2019 06:42:10 GMT

I don't understand what a standard deduction is

The standard deduction is a fixed dollar amount that redu...

PatriciaR — Sat, 01 Jun 2019 06:42:12 GMT

The standard deduction is a fixed dollar amount that reduces your taxable federal income. Think of it as tax-free income that you get to keep before taxes are applied to the rest.

To figure your 2016 standard deduction amount, simply select your filing status below. (Don't worry – TurboTax automatically calculates this for you, assuming you're taking the standard deduction.)

Please note that if someone else claims you (or your spouse, if you're filing jointly) as their dependent, your standard deduction may be reduced from the amounts shown below.

Single or Married Filing Separately

Your standard deduction starts at $6,300.

Add $1,550 if you were born before January 2, 1952.
Add $1,550 if you were blind as of December 31, 2016.

Example: Single filer Joe, who was born in 1972 and has been blind since birth, has a standard deduction of $6,300 + $1,550 = $7,850.

Married Filing Jointly or Qualified Widow(er) with Dependent Child

Your standard deduction starts at $12,600.

Add $1,250 if you were born before January 2, 1952.
Add $1,250 if your jointly-filing spouse was born before January 2, 1952.
Add $1,250 if you were blind as of December 31, 2016.
Add $1,250 if your jointly-filing spouse was blind as of December 31, 2016.

Example: Joint filers Pat and Tracy, who were both born in 1941 and are not blind, have a standard deduction of $12,600 + $1,250 + $1,250 = $15,100.

Head of Household

Your standard deduction starts at $9,300.

Add $1,550 if you were born before January 2, 1952.
Add $1,550 if you were blind as of December 31, 2016.

Example: Head of Household filer Mary, who was born in 1963 and is not blind, has a standard deduction of $9,300.

Re: The standard deduction is a fixed dollar amount that redu...

conrad4 — Tue, 19 May 2020 15:19:07 GMT

What is the dollar amount for 1999 for married couple over 65

Re: The standard deduction is a fixed dollar amount that redu...

VolvoGirl — Tue, 19 May 2020 15:34:11 GMT

For what year?

2019
For 2019 the standard deduction amounts are:

Single 12,200 + 1,650 for 65 and over or blind

HOH 18,350 + 1,650for 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

2018
For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over
HOH 18,000 + 1,600 for 65 and over
Joint 24,000 + 1,300 for each 65 and over
Married filing Separate 12,000 + 1,300 for 65 and over

Re: The standard deduction is a fixed dollar amount that redu...

VolvoGirl — Tue, 19 May 2020 15:39:06 GMT

If you want the Standard Deduction for 1999