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For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).
Standard Deduction for Tax Years 2020 and 2021. Filing Status. Deduction for Tax Year 2020. Deduction for Tax Year 2021. Single. $12,400. $12,550. Married, filing jointly
The standard deduction would decrease and personal exemptions would come back ... Those deductions at 2018 levels will drop to $6,500 for single filers, $9,550 for heads of household, and $13,000 ...
Financial years 2018–19, 2019–20 [1] ... As of 1 January 2018, ... state income tax withheld, etc. Standard deduction is a sort of minimum itemized deduction. If ...
We now know next year's tax brackets, standard deductions and retirement contribution limits after the IRS recently released a number of tax changes. 5 key IRS tax changes for 2018 -- and why they ...
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