question.jpgIn Federal Income Tax

How do I figure out my standard deduction?

The amount of the standard deduction is defined by the tax laws. Generally, you can calculate the amount of your standard deduction by simply identifying your filing status (single, married, etc.). However, there are two instances where you are entitled to a greater standard deduction, and one instance where you cannot claim as much for a standard deduction.

More specifically, if you or your spouse are 65 or older, you are entitled to a standard deduction that is slightly larger than it would otherwise be. The same is true if you or your spouse are blind. However, if you can be claimed as a dependent on someone else’s tax returns (even if they do not actually claim you), your standard deduction will generally be less than it otherwise might be.