The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household.

What deductions can I take married filing separately?

Child and dependent care credit (a partial credit may be possible if the spouses are living separately) Adoption credit. All deductions and credits of every kind relating to education, such as the American opportunity and lifetime learning credits, student loan interest deduction, and tuition and fees deduction.

What’s the standard deduction for a married couple?

For the 2020 tax year, which we file in early 2021, the federal standard deduction for single filers and married folks filing separately is $12,400. It’s $24,800 if you’re a surviving spouse or you’re married and you’re filing jointly.

Can a standard deduction be increased if you are a widow?

If you’re single, you’re married and filing separately or you’re the head of household, your standard deduction amount can increase by $1,650. If you’re married and filing jointly or you qualify as a widow (er), it can increase by $1,300.

What’s the standard deduction for a single person?

For the 2020 tax year, which we file in early 2021, the federal standard deduction for single filers and married folks filing separately is $12,400. It’s $24,800 if you’re a surviving spouse or you’re married and you’re filing jointly. If you’re the head of your household, it’s $18,650.

What’s the standard deduction for the Head of Household?

Individuals who are at least partially blind or at least 65 years old get a larger standard deduction. If you’re single, you’re married and filing separately or you’re the head of household, your standard deduction amount can increase by $1,650.