topic What are the standard tax deductions for 2017 and 2018 in Deductions & credits

What are the standard tax deductions for 2017 and 2018

124758_08106 — Mon, 03 Jun 2019 18:34:41 GMT

The standard deduction for 2017 varies by filing status,...

KittyM — Mon, 03 Jun 2019 18:34:42 GMT

The standard deduction for 2017 varies by filing status, and there are five filing statuses:

Single - $6,350
Married Filing Jointly - $12,700
Married Filing Separately - $6,350
Head of Household - $9,350
Qualifying Widow(er) - $12,700

There is an additional amount if you are blind or over 65. You may see the chart on Page 26 of Publication 501 for more details, if this applies in your case.

https://www.irs.gov/pub/irs-pdf/p501.pdf

For 2018, the standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouse,s and the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,600 for unmarried taxpayers.

To figure your 2017 standard deduction amount, simply sel...

MichelleT — Mon, 03 Jun 2019 18:34:44 GMT

To figure your 2017 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

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

Head of Household

Starting with tax year 2018 returns, the standard deduction will nearly double to $12,000 for single filers, $18,000 for head of household, and $24,000 for joint returns. Add another $1,300 for each taxpayer on the return who is over 65 or blind (plus another $300 if that taxpayer is also unmarried and not a surviving spouse).

The $4,050 personal exemption will be eliminated starting in tax year 2018. Even so, the number of taxpayers who itemize (currently around 30%) is expected to decrease as a result of the higher standard deduction.