How to Calculate a Standard Deduction for Federal Income Taxes
Calculating a standard deduction for your federal income taxes can be a daunting proposition. Even though a standard 1040 form is only two pages, the attachments and supplementary forms can be quite lengthy, and if you are unfamiliar with finding a specific topic, you may need assistance. Fortunately, the standard deduction is a common entry, and the government provides specific assistance to help you locate it.
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Instructions
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Instructions
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Examine your federal Form 1040. In the left column of the back page, you will find a listing of the standard deductions for the current tax year. Depending on whether you are filing single or jointly, the amount will differ. For tax year 2009, the standard deduction for single filers is $5,700, while for married filers it is $11,400. Taxpayers filing as head of household are allowed a deduction of $8,350 (see Reference 1).
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Check for additional deduction amounts. If you or your spouse were blind or over the age of 65 at the time of filing, you can increase your standard deduction amounts. Specifically, for the 2009 tax year, your standard deduction will increase by $1,100 for each spouse that is either over 65 and/or blind, up to a maximum of $4,400 per couple (see Reference 1).
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Compare your standard and itemized deductions. For some taxpayers, itemizing expenses and other deductions according to IRS regulations results in a higher overall deduction than taking the standard deduction. Most filers who make mortgage payments on a house, for example, fall into this category.
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Tips & Warnings
Check Form 1040 and the associated instructions each year, as the amount of the standard deduction changes quite often.
