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February 14, 2021
Question

Which deduction amount can I claim for the senior - filing jointly - only one child dependent?

  • February 14, 2021
  • 2 replies
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Which specific amount do I take for the standard deduction based on the number of boxes checked?

2 replies

February 14, 2021

For Single over 65, your standard deduction would be $14,050.

 

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lower tax.

 

The standard deduction is a dollar amount that reduces your taxable income. It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A (Form 1040). The standard deduction is higher for taxpayers who are 65 or older, or are blind.

Employee
February 14, 2021

 

2020 Standard Deduction Amounts

You do not have to "claim" a deduction amount---the software will take care of that based on the date of birth you enter in My Info.   It goes by your age at the end of 2020.  

 

 

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)

 

 

A dependent child does not change your standard deduction.   But depending on your sources of income  and the age of the child you claim, you might be getting certain child-related credits.   

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**