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Standard deduction on 1040 line 12 shows $27,400., but my itemized deductions are less than $13,000. Why not $24,800?
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Are each of you age 65 or older? If so, then your standard deduction is increased by $1,300 for both of you.
Standard deductions for 2020
- Single - $12,400 add $1,650 if age 65 or older
- Married Filing Separately - $12,400 add $1,300 if age 65 or older
- Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
- Head of Household - $18,650 add $1,650 if age 65 or older
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