What Is Standard Deduction? Can I Reduce My Return Tax?
The Internal Revenue Service (IRS) standard deduction is a specific dollar amount that reduces the amount of income you have to pay taxes on.
The amount of your standard deduction is based on your filing status, whether you're 65 or older and/or blind, and whether another taxpayer can claim you as a dependent.
Here are the 2019 standard deduction amounts by filing status:
For example, if you are a single tax filer with a gross income of $80,200 for 2019, you can reduce your income by $12,200 to taxable income of $68,000.
Moreover, according to IRS, if you are 65 years old or over, or you are blind in 2019, you can get additional standard deduction. And an individual who has both reached age 65 and is blind is entitled to twice the amount.
For example, if you are married and filing jointly and your wife is over 65 years old, your total deduction will be 24400+1300 US Dollar. If your wife is over 65 years old and blind, your total deduction will be 24400+2600 US Dollar.
To qualify as blind by IRS, you must have a certified letter from an eye doctor stating that you have non correctable 20/200 vision in your best eye or that your field of vision is 20 degrees or less.
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