CHAPTER 13Claiming the Standard Deduction or Itemized Deductions
For most taxpayers, the standard deduction provides a larger deduction than itemizing deductions does, given the large increase in the standard deduction and reductions to or elimination of certain itemized deductions (13.2) for years after 2017.
The basic 2021 standard deduction amount is $12,550 for a single person and a married person filing separately, $18,800 for a head of household, and $25,100 for a married couple filing jointly or a qualifying widow/widower. Larger standard deductions are allowed to individuals who are age 65 or older or blind (13.4), and lower standard deductions are allowed to dependents with only investment income (13.5).
Before deciding whether to itemize or claim the standard deduction, compare your allowable standard deduction to your allowable itemized deductions for mortgage interest, state income tax and property taxes, medical costs, charitable donations, and “other” itemized deductions, as explained in Chapters 14 through 19.
On 2021 returns, taxpayers who claim the standard deduction may also claim an above-the-line deduction of up to $300 ($600 if married filing jointly) for cash contributions to eligible charities; see (13.2).
Get J.K. Lasser's Your Income Tax 2022 now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
