Standard Tax Deduction: How Much It Is in 2020-2021 and When to Take It

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The 2020 standard deduction is $12,400 for single filers, $24,800 for joint filers or $18,650 if head of household.The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household.

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Original Article Source Credits: nerdwallet,

Article Written By: NerdWallet

Original Article Posted on: Apr 13, 2021

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