February 14, 2021

Income Tax Standard Deductions for 2020

 It's tax prep time for 2020 income. Don't forget that unemployment insurance is taxable but stimulus payments are not taxed.

The basic Standard Deduction (SD) is $12,400 for a single filer or married filing separately. Double the amount for joint filers and qualifying widow(er)s: $24,800.

For those born before January 2, 1956 or blind: add an extra $1,650 to the SD.

If two spouses are over 65, their SD is $27,400.

The much higher SD is the reason that few taxpayers itemize deductions.

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