Here’s the breakdown of all the changes.
Standard deduction
For the 2020 tax year, the standard deduction amounts have increased. Here are the amounts below.
- Single or Married filing separately – $12,400
- Married filing jointly and Qualifying widow(er) – $24,800
- Head of Household – $18,650
For taxpayers who are blind or at least 65 years old, they can claim an additional standard deduction. The standard deduction is $1,300 and $1,650 for the single or head of household filing status.
Taxpayers who are both blind and of eligible age receive a doubled additional standard deduction.
