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eTax.com How Much is a Standard Deduction?
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If you choose not to itemize your deductions, you can go for the standard option, which is based on your filing status. For 2014, the standard deduction is as follows:
Single taxpayers - $6,200
Married Filing Jointly - $12,200
Head of Household - $9,100
Married Filing Separately - $6,200
Qualifying Widow(er) - $12,400
If you are 65 years of age, or you are legally blind, the standard deduction rate is higher. Also, if you are able to be claimed as a dependent by someone, your deduction is limited.
If you choose not to itemize your deductions, you can go for the standard option, which is based on your filing status. For 2014, the standard deduction is as follows:
Single taxpayers - $6,200
Married Filing Jointly - $12,200
Head of Household - $9,100
Married Filing Separately - $6,200
Qualifying Widow(er) - $12,400
If you are 65 years of age, or you are legally blind, the standard deduction rate is higher. Also, if you are able to be claimed as a dependent by someone, your deduction is limited.
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