A standard deduction is a flat amount the IRS lets you deduct from your income. This amount of your income is not taxed. The 2016 standard deduction rates are as follows:
- Standard deduction for single taxpayers - $6,300
- Standard deduction for married taxpayers filing a joint return - $12,600
- Standard deduction for head of household taxpayers - $9,300
To learn more about the how the Standard Deductions work please see the TurboTax Blog - What are Standard Tax Deductions?
To learn more about Itemized Deductions please see the TurboTax Blog - Tax Deduction Wisdom - Should You Itemize?
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