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.