What is Standard Deduction?

Article ID: 35241  

Question
What is Standard Deduction?

Answer

Standard Deduction:

 The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100.

OLT will calculate this amount for you based on your inputs. If you have any questions regarding this calculation, please contact customer service.


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Views: 251 Created on: Jun 15, 2013