The IRS offers a standard deduction that allows the first part of a person’s income to be free of federal taxes.
This makes it so filers have some income that isn’t being taxed by the government.
What you get as a standard deduction depends on your age.
Blind people get a larger deduction.
The deduction amounts change with inflation every year.
Here are standard deductions for 2021
- Single: $12,550 under 65, $14,250 over 65
- Married filing jointly: $24,100 if spouses are under 65, $26,450 if one spouse is under 65 and one is over, $27,800 if both spouses are over 65
- Married filing separately: $12,500 under 65, $14,250 over 65
- Head of household: $18,800 under 65, $20,500 over 65
- Widow with dependent: $25,100 under 65, $26,450 over 65
The standard deduction was raised for both single and couple filers this year.
Does everybody get a standard deduction for their taxes?
Not every gets a standard deduction.
If a married person files as married filing separately and their spouse itemizes deductions, they won’t qualify.
A non resident alien or dual status alien won’t qualify.
An estate, trust, common trust fund, or partnership does not get a standard deduction.
Everyone that needs to file a tax return
Not everyone needs to file a tax return.
It will depend on your age, filing status, income, and source of income.
If your income is greater than the standard deduction then you need to file taxes.
You’ll need your gross income total to file taxes.
Some people who make less than their standard deduction will still want to file their taxes in 2022.
Refunds are typically issued to individuals with W-2s that had taxes withheld from their pay through the calendar year.
People with low income could benefit from credits that will result in them getting money back through a refund.
This includes child tax credits.
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