The tax year 2020 adjustments generally are used on tax returns filed in 2021. The general rule of thumb is, if the standard deduction amount for your filing status is greater than your total itemized deductions, then you should take the standard deduction. The standard deduction for taxpayers who don't itemize their deductions on Schedule A of Form 1040 or 1040-SR is higher for 2020 than it was for 2019. For 2021, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater … Standard deduction increased. Whether to apply the standard deduction or itemized deduction method on a tax return is a confusing decision for most taxpayers. The 2021 Standard Deduction The Tax Cuts and Jobs Act of 2017 more than doubled the amount for standard deductions, meaning more taxpayers than ever have stopped itemizing and are … IRS Standard Tax Deductions 2020, 2021. by Annie Spratt. These Standard Deductions will be applied by tax year for your IRS and state return(s) respectively. The tax items for tax year 2020 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married filing jointly rises to $24,800 for … You can use the 2020 Standard Deduction Tables near the end of this publication to figure your standard deduction. Have no fear, we are here to make it easy for you! As a result of the latest tax reform, the standard deductions have increased significantly, however many other deductions got discontinued as a result of the same tax reform. To be clear, this is the amount of your adjusted gross … For 2020, the standard deduction is rising by $200 to $400, depending on your filing status. The amount depends on your filing status.
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