A History of the Standard Deduction
6:52 AMWe’re in the thick of tax season, which means that you’ve probably given thought to your deductions. So, will you be itemizing your eligible expenses, or taking the standard deduction allowed to most of us? The standard deduction is a basic tax break that all taxpayers get, as long as they fall under a certain income limit. Specifically, the standard deduction is the amount you can subtract from your income before it is taxed. The government provides this as a sort of “tax break.” The amount of your standard deduction depends on your taxpayer filing status, your age, and whether you are disabled or claimed as a dependent on someone else’s tax return. As you can see from the tables below — covering the past five years of this tax break — the largest portion of your deduction comes automatically, and depends on your filing status.
2017 Standard Deductions
|
|
|
---|---|---|
|
|
1.01% |
|
|
1.01% |
|
|
1.01% |
|
|
1.01% |
|
|
0% |
|
|
1.01% |
|
|
0% |
Additional Amount if Blind or Age 65 or
|
|
0% |
2016 Standard Deductions
|
|
|
---|---|---|
|
|
0% |
|
|
1.01% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
Additional Amount if Blind or Age 65 or
|
|
0% |
2015 Standard Deductions
|
|
|
---|---|---|
|
|
1.02% |
|
|
1.02% |
|
|
1.02% |
|
|
1.02% |
|
|
0% |
|
|
1.04% |
|
|
0% |
Additional Amount if Blind or Age 65 or
|
|
0% |
2014 Standard Deductions
|
|
|
---|---|---|
|
|
1.02% |
|
|
1.02% |
|
|
1.02% |
|
|
1.02% |
|
|
1.05% |
|
|
1.02% |
|
|
0% |
Additional Amount if Blind or Age 65 or
|
|
1.03% |
2013 Standard Deductions
|
|
|
---|---|---|
|
|
1.025% |
|
|
1.03% |
|
|
1.025% |
|
|
1.025% |
|
|
1.05% |
|
|
1.025% |
|
|
1.043% |
Additional Amount if Blind or Age 65 or
|
|
1.035% |
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