The Reference Section

A collection of wealth improvement articles


2020 Deductions and Exemptions
Standard Deduction1Deduction
Single$12,400
Joint returns & surviving spouses$24,800
Married filing separately$12,400
Head of household$18,650
Personal Exemption2Suspended through 2025

1 The standard deduction increases by $1,300 for a married taxpayer aged 65 or older or blind ($2,600 if both 65 and blind); by $1,650 for a single taxpayer aged 65 or older or blind ($3,300 if both 65 and blind).

2 No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer's return.