Mar 132015
 
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Standard Deduction

For tax year 2015, all taxpayers will see a slight bump in the standard deduction over the 2014 amounts. The standard deduction rises to $6,300 for single and married filing separately filing statuses, up from $6,200 for tax year 2014.  Married filing jointly filers will see an increase in the standard deduction to $12,600, up from $12,400 for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100.

The decision to itemize deductions will depend on whether or not the deduction exceeds the standard deduction amounts.  However, for married filing jointly taxpayers, if one spouse itemizes, the other spouse must also itemize.

For more information and assistance with determining the amount of your standard deduction, go to How much is my standard deduction.

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