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

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).

Personal Exemptions: Suspended through 2025

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