Allows you to take a tax deduction even if you have no expenses that qualify for claiming itemized deductions.

Most taxpayers claim the standard deduction. It increases by: $1,650 if youвЂ™re single or head of household and by $1,300 if youвЂ™re married or a qualifying widow(er).

Your standard deduction increases if youвЂ™re blind or age 65 or older.

For married filing jointly or qualifying widow(er) - $25,100.

For single or married filing separately - $12,550.

Secondly, you may want to know what is the standard deduction amounts are. Your standard deduction varies according to your filing status. The standard deduction is a fixed dollar amount that reduces the income youвЂ™re taxed on. Equitable Financial Life Insurance Company, Equitable Advisors and Equitable Distributors are affiliated.When we hear the question вЂњwhat is a standard deduction?вЂќ вЂ“ we think of two things. Distributors: Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor.Д®quitable Financial Life Insurance Company (New York, NY). Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. Please be advised that this document is not intended as legal or tax advice. Please consult your tax and legal advisors regarding your particular circumstances. Equitable Financial and its affiliates do not provide tax or legal advice. This analysis is based on information and assumptions provided by you. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Equitable Financial and its affiliates are not responsible for any errors or for the actions taken as a result of the information provided by this calculator. The information provided is hypothetical and we cannot and do not guarantee its applicability or accuracy in regards to your individual circumstances. This calculator is made available to you as a self-help tool for your independent use and is not intended to provide tax, legal or financial advice. This calculator is provided for educational purposes only. Calculation does not adjust for the greater of itemized vs. The calculator assumes all Qualified plan/IRA contribution values are either pre-tax or deductible contributions. Net investment income includes interest, dividends, royalties, annuity distributions (not tax-deferred accumulation), rents, income from passive business activities, income from trading in financial instruments or commodities, and gains from assets held for investment like stock and other securities. * The 3.8% Medicare tax will apply to the lesser of your net investment income or the amount of adjusted gross income in excess of the applicable threshold. Why? As this calculator shows, even if taxable income 'puts' you in a particular income tax bracket, overall you benefit from being taxed at the lower brackets first. Do you know your effective tax rate? Federal income tax is calculated using a progressive tax structure, meaning that your effective tax rate is lower than your income tax bracket.

Itemized vs standard calculator