Standard Tax Deduction: How Much It Is in 2020-2021 and When to Take It
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.
Article Written By: NerdWallet
Original Article Posted on: Apr 13, 2021
Link to Original Article: https://www.nerdwallet.com/article/taxes/standard-deduction