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.
NerdWalletApr 12, 2021
Standard Deduction for 2015

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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.

In 2021 the standard deduction is $12,550 for singles filers and married filing separately, $25,100 for joint filers and $18,800 for head of household.

Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.

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