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.
