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The Standard Deduction for 2013

January 14, 2014

When preparing tax returns, many taxpayers calculate taxes using both standard deduction and itemized deduction. Standard deduction is adjusted every year for inflation. For 2013, the standard deduction amounts are:

Individual taxpayers  $6,100
Head of household  $8,950
Married filing jointly  $12,200
Qualifying widow or windower  $12,200
Married filing separately  $6,100
Dependent $1,000 – $6,100

 

Taxpayers who are 65 or older and/or blind get a larger standard deduction amount. If you turned 65 by the 1st of January, you can claim a larger standard deduction for 2013. Those who are partially blind may also claim larger standard deduction amount if they attach a verifying document by their physician.

The standard deduction amounts for the aged and/or visually impaired are below. A box is checked for age and vision separately. If an individual is both over 65 and visually impaired, their standard deduction is higher.

Filing status

Number of boxes checked

Standard deduction amount

Single

1

$7,600

2

9,100

Married filing jointly, or Qualifying widow(er) with dependent child

1

$13,400

2

14,600

3

15,800

4

17,000

Married filing separately

1

$7,300

2

8,500

3

9,700

4

10,900

Head of household

1

$10,450

2

11,950

 

Standard Deduction for Dependents
The standard deduction for dependents is $1,000, or the dependent’s earned income plus $350, but not to exceed the standard deduction for the dependent’s filing status.

You can calculate the standard deduction amount and then itemize your deductions, and see which method saves you the morst taxes. Another reason many taxpayers prefer to use the standard deduction is that they do not need to calculate the many tax deductible expenditures that can reduce the tax liability. You may only use either standard deduction or itemized deduction in a year, but can alter your preference in the next filing.

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