Sentences with phrase «standard deduction for»

(Note: In 2016, the standard deduction for «married filing jointly» was $ 12,600, the «head of household» deduction was $ 9,300, and $ 6,300 for anyone filing «single» on federal taxes.)

The new standard deduction for 2 people filing jointly is now about $ 24000 - double what it was last year!

Now it gets more intriguing: To simplify the tax system and wean more taxpayers from itemizing deductions on Schedule A of their returns, the Trump plan would boost the standard deduction for joint filers to $ 30,000 (up from the current $ 12,600) and raise it to $ 15,000 for single filers, instead of $ 6,300 at present.

Beginning in 2018, the standard deduction for married filing jointly rises to $ 24,000.

[6] The new law increases the standard deduction for married taxpayers filing a joint return to $ 24,000.

By eliminating the state and local income taxes, which vary from 2 percent to 9 percent of income by state, and sales taxes the sum of deductions will be far less likely to be higher than standard deduction for many.

The bill, entitled the Tax Cuts and Jobs Act, nearly doubles the standard deduction for middle - class families and makes no changes to the way 401 (k) plans are treated pretax, but for REALTORS ® and the consumers they serve, it's not all good news.

For tax returns you file in 2018, representing income earned in 2017, the standard deduction for single people is $ 6,350 and $ 12,700 for married people filing jointly.

As of 2018, the standard deduction for single taxpayers and married persons filing separately is $ 6,500.

Flash forward: The GOP tax bill practically doubles the standard deduction for all filers, so for tax year 2018, it's $ 12,000 for singles and married people filing separately, $ 24,000 for married couples filing jointly and $ 18,000 for heads of household.

While a small business owner or someone who has had large medical bills may benefit from itemizing deductions, a teacher may have less deductions to itemize than the standard deduction (for 2016 the standard deduction for married filing separately is $

The standard deduction for retirees who just turned 65 is $ 7,900 for a single filer and $ 15,200 for a couple filing in 2017.

Special rules can reduce the standard deduction for children who are claimed as dependents on their parents» returns.

The federal income tax system increases the standard deduction for taxpayers who are age 65 or older, blind, or both.

Since a dependent is unable to claim their own exemption, a tax return is necessary when their earned income is more than the standard deduction for a single taxpayer, which in 2017 is $ 6,350.

For example, in 2017 the government authorized a $ 6,350 standard deduction for single taxpayers, $ 9,350 for those who file as head of household and $ 12,700 for married couples filing a joint tax return.

In 2017 for example, if you are under age 65 and single, you must file a tax return if you earn $ 10,400 or more, which is the sum of the 2017 standard deduction for a single taxpayer plus one exemption.

2) IRS - speak - Additional $ 500 (single) / $ 1000 (married, filing joint) standard deduction for real estate taxes paid.

In addition to allowing the use of the standard deduction for these losses, the law also allows for special treatment of qualified disaster distributions from eligible retirement plans including:

If you itemize, however, you will add up individual deductions to see if you exceed the standard deduction for your filing status.

The child's earned income plus a base amount ($ 300 for 2009), but not more than the regular standard deduction for a single person ($ 5,700 for 2009).

To figure out whether itemizing would be profitable for you, you need to determine whether the allowable expenses you paid during the year — for things like home mortgage interest and property taxes, state income or sales taxes, medical expenses, charitable donations, etc. — exceed the standard deduction for your filing status.

The federal standard deduction for 2016 is $ 6,300 per filer (or $ 9250 for head of household).

The slightly higher standard deduction for the elderly and blind remains.

Starting this year, the government has now introduced a standard deduction for taxable income.

The standard deduction for a married couple in 2013 was $ 12,200.

The AMT exemption is like a standard deduction for calculating the alternative minimum tax.

If not, there's a reason, the standard deduction for a couple is $ 12,600 in 2016, so a renter isn't likely to have...

«The President's Proposed Standard Deduction for Health Insurance: An Evaluation.»

To get the tax advantage from buying a home, the amount you pay in interest and property taxes (as well as any other deductions) needs to be more than the standard deduction (In 2011, the standard deduction for single filers is $ 5,800; for married filing jointly it's $ 11,600).

The standard deduction for joint filers doubled from $ 12,000 to $ 24,000, and perhaps the biggest adjustment is the $ 10,000 cap on the federal deductibility of state and local taxes (SALT).

Under the 2017 tax code, taxpayers were required to file a return if their income reached the amount of the standard deduction for their filing status, plus $ 4,050 (the personal exemption amount).

You must compare the standard deduction for which you are eligible to the total of your actual deductible expenses.

The TCJA has also increased the standard deduction for each filing status, which means that fewer homeowners will find an advantage in itemizing their deductions instead of taking the standard deduction.

The benefit of itemizing is that it can allow you to claim a larger deduction than the standard deduction for your filing status.

The bill would roughly double the standard deduction for individuals and families.

Because this is less than the $ 24,00 standard deduction for a couple filing jointly, you opt for the larger standard deduction.

note that there is an additional standard deduction for the elderly and visually impaired.

The standard deduction for 2017 is $ 6,350 for single taxpayers and $ 12,700 for married taxpayers filing jointly.

The IRS requires you to file a tax return when your gross income exceeds the sum of the standard deduction for your filing status plus one exemption amount.

Filing jointly usually puts you in a lower tax bracket than you'd be in if you filed individually; the standard deduction for a married couple is higher than if each goes it alone; you can usually make bigger IRA contributions if you file together.

To itemize, total itemized deductions must be more than the standard deduction for the taxpayer's filing status.

This report does not address personal exemptions or deductions that are available to every filer over some specified age, like the federal provision for a larger standard deduction for people who are 65 years old or older than for those under 65.

So, the deduction on this loan reduces your cost of capital to an effective APR of 4.5 %, and because it's a student loan and not a mortgage, you don't have to itemize so this is in effect a «free» deduction (even with an FHA mortgage allowing me to deduct interest, property taxes and PMI, and the residual medical costs after insurance of having our new baby, the $ 11,900 standard deduction for my wife and I was still the better deal this year).

Under current law, the marriage penalty is partly alleviated because the lower income tax bracket (10 % and 15 %) and the standard deduction for MFJ are exactly double that of single individuals.

When you file a tax return, you will either take the standard deduction for your filing status, or you will itemize deductions.

This is one reason the standard deduction for 2018 will be higher.

The new standard deduction for 2018 will be $ 12,000 ($ 24,000 married).

They pay taxes as married filing jointly and have been taking the standard deduction for a few years.

The law also slightly increases the higher standard deduction for the elderly, the blind, and persons with a disability.