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Filing taxes under the status of “married filing separately” for tax year 2020 — i.e., the return you’re filing in 2021 — is largely unchanged from the 2019 tax year.
Standard deduction: Single taxpayers are eligible for a $12,550 deduction for the 2021 tax year and a $12,950 deduction for the 2022 tax year. Married Filing Jointly. Married taxpayers can file a ...
For tax year 2021, the standard deduction for single filers and married people filing separately is $12,550, a $250 increase from 2020. Married taxpayers filing jointly can deduct $25,100, up $300 ...
Section 183(b)(2) provides that a taxpayer may deduct an amount "equal to the amount of the deductions which would be allowable [ . . . ] only if such activity were engaged in for profit, but only to the extent that the gross income derived from such activity for the taxable year exceeds the deductions allowable [ . . .
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 amount of the deduction gradually decreases for a single filer with a modified adjusted gross income of $70,000, or $140,000 if you’re married and filing a joint return, according to Money.
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