The IRS allows every taxpayer, based on your filing status, to deduct a flat dollar amount from your Adjusted Gross Income (AGI).
2020 Standard Deduction Amounts:
- Single or Married Filing Separately (MFS) $12,400
- Married Filing Joint (MFJ) or Qualified Widow(er) $24,800
- Head of Household (HOH) $18,650
2020 Additional age 65 or older, or blind, per person, per event:
- Married Filing Joint, Qualifying Widow(er), or Married Filing Separate $1,300
- Single or Head of Household $1,650
For a complete list of prior year Standard Deductions, visit our Knowledgebase Article.