What is standard deduction?

[diazjd93]

im single

[DS30]

It is the deduction that the IRS allows you to take to lower your taxable income based on your filing status. (It is deducted on your federal income tax return after your Adjusted Gross Income (AGI) has be calculated.)

You have the choice of taking a standard deduction or an itemized deduction on your federal income tax return but you cannot take both in a single tax year (although some states allow you to claim itemized deductions for states and standard deduction for federal). However, you can choose to a standard deduction one year and take an itemized deduction another year, depending on your particular circumstances.

2016 Standard Deduction

Taxpayer under 65, not claimed as a dependent

$6,300 for Single

$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child

$9,300 for Head of Household

$6,300 for Married Filing Separately

For over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse.