Page 8 - Individuals Reference Guide

Deductions Standard Deduction

for - The standard deduction is an amount that reduces taxable

income. The amount adjusts every year and can vary by

filing status. The standard deduction amount depends on
Individuals the taxpayer's filing status, whether they are 65 or older or

blind, and whether another taxpayer can claim them as a

dependent.

- Taxpayers who are age 65 or older on the last day of the

year and don't itemize deductions are entitled to a higher

standard deduction.

- Taxpayers benefit from the standard deduction if their

standard deduction is more than the total of their allowable

itemized deductions. They can use the Interactive

TaxAssistant,How Much Is My Standard Deduction?to

determine the amount their standard deduction and if they

should itemize their deductions.

8