What Are Standard Tax Deductions? - TurboTax Tax Tips & Videos
Standard deductions ensure that all taxpayers have at least some income that is not subject to federal income tax. Standard deductions generally increase each year due to inflation. You have the option of claiming the standard deduction or itemizing your deductions. However, you can never claim both in the same year. You will find that many states that impose an income tax will also allow you to claim a similar type of deduction on your state income tax return.
Standard deduction amounts
The amount of your standard deduction depends on the filing status you qualify for. In 2016 for example, single taxpayers and married taxpayers who file separate returns can claim a $6,300 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $12,600, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $9,300.
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