Standard Deduction

Standard Deduction is determined by your filing status and is increased for being over 65 and/or blind.  Standard deduction amounts increase by approximately the cost of living each year.  You take the federal tax 1040 standard deduction on page 2 of your Form 1040 income tax return if you do not itemize deductions.

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Recently, the 1040 standard deduction amountwas $5,700 for single, $11,400 for married filing jointly, and $8,400 for head of household.  Each over 65 and/or blindness was worth $1,400 for single and head of household and $1,100 for married filing jointly.