How Much are Federal Income Tax Standard Deductions in 2011, 2012?
68Federal Income Tax Standard Deductions
The standard IRS tax deductions are an option that can eliminate the need for you to itemize your tax return. But, taking the standard deductions when filing your taxes may not always be the best way for you to file.
2011 Standard Deduction
The standard deduction amount will be affected depending on how you file, your age, any disabilities, and whether or not you can be claimed by another taxpayer. Annually the government will adjust the standard deduction amount due to inflation. If you are either single or married but filing separately your standard deduction will be approximately $5,700.00.
If you are married and you file your returns jointly or you have a dependent then your standard deduction will increase to $11,400.00. If you claim head of household your standard deduction will then be $8,400.00. Your standard deduction may also be decreased if your annual income exceeds a certain amount.
When to Take the Standard Deduction
Taking the standard deduction may not always be beneficial for you. If you realize that you have a larger deduction with itemizing, then you should itemize your return. If you find that you have more deductions by taking the standard deduction rather than itemizing, then you should go with the standard deduction. You may not be able to take the standard deduction if you file separately and your spouse itemizes or if you are a non resident of the United States.
To learn more about the federal standard deduction please visit TurboTax online. TurboTax online offers free tax calculators to help you decide if you should itemize or go with the standard deduction.
Federal Income Tax Standard Deductions Video
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What is the tax deduction for a widow of 85?
Way off in the standard deduction numbers given, possibly as a result of confusing 2011 tax season with 2001 tax year. They generally get increased for inflation (in 2010 only Head of Household status did, but that is somewhat unique). In any case, 2011 tax year's numbers are ACTUALLY as follows: Single/Married Filing Seperate $5700; Married Filing Joint/Qualifying Widower $11,400; Head of Household $8400. All numbers provided assume that you are not blind and were born after 1946.
What is the standard deduction for two seniors filing jointly
The Standard Deduction given above are several years old and are incorrect for tax year 2010! If you have tax questions, go directly to the source at:
www.irs.gov
what is my standard deduction at age 75
What is my standard deduction AS head of household with 2 exemptions
I heard on the news that your taxes real estate tax on your homes will be extendedto where you can claim $1000 married or $500 if single, is this true?
other websites indicate the standard deduction for a single person filer is $5700.00 and personal exemption is $3650.00.
What is the standard deduction for two seniors filing a joint return?
I've done taxes for several years now and the homeowners property tax deduction, for non-itemizers, is no longer available
The standard deductions for 2010 mentioned above are
less then from 2009.Could that be right?So far it in-
creased every year not decreased.Please respond.
LB
I do not think so. I did some research and i did not find schedule L for year 2010. May be it is not available for this year.
With the new tax laws, is the deduction for property taxes paid still an addition to the standard deduction if paid during 2010? Last year, 2009, I could take an additional $1,000 for my standard deduction. Is that still available.
what is the standard dedution for 2004 2005 2006 2007
Avis Worthington 2 months ago
What the hell do I deduct for being old?