IRS Standard Tax Deductions 2020 and 2021
The standard deduction is a dollar amount that reduces your total taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $18,650 for head of household, and $24,800 for married filing jointly.
In 2021 the standard deduction is $12,550 for single filers and married filing separately, $18,800 for head of household, and $25,100 for joint filers.
Standard Tax Deductions Tax Year 2021: 01/01/21 - 12/31/21
These standard deduction rates apply for this calendar year 2021 with due tax returns in 2022
| Filing Status | Age | Standard Deduction |
|---|---|---|
| Single | Younger than 65 | $12,550 |
| Single, Blind | Younger than 65 | $14,250 |
| Single | 65 or Older | $14,250 |
| Single, Blind | 65 or Older | $15,950 |
| Head of Household | Younger than 65 | $18,800 |
| Head of Household, Blind | Younger than 65 | $20,500 |
| Head of Household | 65 or Older | $20,500 |
| Head of Household, Blind | 65 or Older | $22,500 |
| Married Filing Separately | Younger than 65 | $12,400 |
| Married Filing Separately, Blind | Younger than 65 | $12,550 |
| Married Filing Separately | 65 or Older | $14,250 |
| Married Filing Separately, Blind | 65 or Older | $15,700 |
Standard Tax Deductions Tax Year 2020: 01/01/20 - 12/31/20
These standard deduction rates apply for this calendar year 2020 with due tax returns in 2021
| Filing Status | Age | Standard Deduction |
|---|---|---|
| Single | Younger than 65 | $12,400 |
| Single, Blind | Younger than 65 | $14,050 |
| Single | 65 or Older | $14,050 |
| Single, Blind | 65 or Older | $15,700 |
| Head of Household | Younger than 65 | $18,650 |
| Head of Household, Blind | Younger than 65 | $20,300 |
| Head of Household | 65 or Older | $20,300 |
| Head of Household, Blind | 65 or Older | $21,950 |
| Married Filing Separately | Younger than 65 | $12,400 |
| Married Filing Separately, Blind | Younger than 65 | $14,050 |
| Married Filing Separately | 65 or Older | $14,050 |
| Married Filing Separately, Blind | 65 or Older | $15,950 |
How the Standard Deduction Works
The IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.
You can either take the standard deduction or itemize on your tax return — however, you can't apply both to your taxes. Itemized deductions are expenses allowed by the IRS that can decrease your taxable income.
By taking the standard deduction you will then not be able to deduct home mortgage interest or take the many other popular tax deductions such as medical expenses or charitable donations. If you go with itemized deductions then you should keep detailed records to back up your deductions in case the IRS decides to audit you.