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Mar 21 2020

#2020 #standard #deduction-2020 standard deduction



2020 standard deduction

What is Standard Deduction Amount 2020

The Internal Revenue Service announced the standard deduction amount and tax brackets for taxes will be filed in 2020. Same as last year, the increase is $200 for single filers which put the current standard deduction at $12,400. As always, joint filers are going to get the double of the amount along with qualifying widows and widowers.

The standard deduction amount head of household can claim, on the other hand, increased by $300, making it $18,650. If the individual filing taxes is over 65 years of age, the standard deduction is increased by an additional $1,650. But this increase is if you file as Single and Head of Household. If you and your spouse are over 65, it is increased by $2,600 in total, making it $27,400.

Also, those who are blind can increase their standard deduction amount the same.

Standard Deduction Limits, Changes, and Qualifiers

The basics are the standard deduction is simple but there are other ways that how much you can claim can be increased or decreased. For example, if you’ve suffered any financial damage in a federally declared disaster area, your standard deduction amount will be increased by the net amount. You can check FEMA’s list to see if your area is declared as such from here.

Separate Filers

If your spouse itemizes deductions, you’re not going to be able to claim the standard deduction. Instead, you must itemize deductions in order to claim deductions. If both of your itemized deductions don’t exceed $24,800, you both should take the standard deduction and file jointly.

Nonresident Aliens

Nonresident aliens cannot claim the standard deduction and must itemize their deductions in order to claim any.

Standard Deduction 2020

Filing Status Deduction Amount
Single $12,400
Head of Household $18,650
Separate Filers $12,400
Joint Filers $24,800
Qualifying Widow/Widower $24,800

Current standard deduction

2020 standard deduction



2020 standard deduction

2020 standard deduction

The Internal Revenue Service announced the standard deduction amount and tax brackets for taxes will be filed in 2020. Same as last year, the increase is $200
SOURCE: http://www.standarddeduction2020.com/amount 2020 standard deduction

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