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Dependent Deductions Comparison. Filing Status. Standard Deduction as of 2020. Previous Standard Deduction for 2017 and Before. Single. $12,400. $6,350. Head of Household
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
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).
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
Previously these were reported on Form 942. Sch. 2 line 9 Schedule J Is used when averaging farm income over a period of three years. 16 Schedule L (Until 2010) was used to figure an increased standard deduction in certain cases. [27] N/A Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up ...
IRS Form 2441: Child and Dependent Care Expenses. ... However, for tax year 2021, the credit was worth $8,000 if you had one qualifying person and $16,000 if you have two or more qualifying ...
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