Standard Deduction

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What is a Standard Deduction?

The standard deduction is the amount of the tax year’s standard deduction from your taxable income on line 12 of your 2020 Form 1040 tax return. There are 5 standard deductions:

  1. Single
  2. Married filing jointly
  3. Married filing separately
  4. Qualifying widow(er)
  5. Head of household