What is the Standard Deduction for this year?

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.

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