Question: What is the standard deduction for tax year 2014?
The standard deduction for taxpayer with single filing status is $6,200 and $12,400 for married filing jointly status. If your state and local tax paid, mortgage interest, real estate taxes, donations and etc are more than this amount, then you should use itemized deduction on your tax return. Otherwise, use standard deduction on your tax return.
2014 tax year is due on April 15, 2015.