Question: What is the standard deduction for 2015? (Tax Year 2014/Filing in 2015)
Answer: The standard deduction for tax year 2014 is as follows:
Single – $6,200
Married Filing Separate – $6,200
Married Filing Joint and Qualifying Widower – $12,400
Head of Household – $9,100
In addition, the personal exemption for tax year 2014 is $3,950.
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