Most items on this year’s 1040 are the same for last year. However, a few changes should be noted — mainly related to adjustments for inflation.
The new Standard Deduction amounts are as follows:
Single: $6,100
Married Filing Separate: $6,100
Married Filing Joint: $12,200
Head of Household: $8,950
Dependent: the greater value of either 1) earned income plus $350 or 2) $1,000. This cannot exceed $6,100
There are additional Standard Deduction amounts for filers with special status: 1) age 65 and older or 2) blind. These amounts are as follows:
Single or Head of Household: $1,500
Married, Joint: $1,200
Married, Separate: $1,200
Look for Part II on IRS 1040 Changes coming up soon.
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