Question: How much is the standard deduction for this year?
Answer: The Standard deduction for tax year 2020 is the following
Standard Deduction for current tax year 2020
- Single: $12,400
- Married Filing Joint: $24,800
- Married Filing Separate: $12,400
- Head of Household: $18,500
- Qualifying Widow: $24,00
Should you take the Standard Deduction or Itemized deduction? That depends on whether you have mortgage interest paid, state/local income tax paid, real estate taxes, deductible medical expenses and donations. Ask your tax advisor for the best option.