The standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses. For 2019, the additional standard deduction amount for the aged or the blind is $1,300.
What is additional standard deduction?
The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed. Additional Standard Deduction – You’re allowed an additional deduction if you’re age 65 or older at the end of the tax year. You’re considered to be 65 on the day before your 65th birthday.
When do you get an additional standard deduction?
Additional Standard Deduction – You’re allowed an additional deduction if you’re age 65 or older at the end of the tax year. You’re considered to be 65 on the day before your 65th birthday. You’re considered to be 65 on the day before your 65th birthday.
What are the different types of special additional deductions?
“Special additional deductions” refer to six types of special additional deductions, that is expenses for children’s education, continuing education, serious illness medical treatment, housing loan interest, housing rent and caring for elderly dependents as provided in the Individual Income Tax Law.
What’s the maximum amount you can claim for additional deductions?
The additional deduction is conditional on more than RMB15,000 being paid either on its own or outside the coverage under social insurance. Special additional deductions are only available for those with a starting point of RMB15,000 and those with maximum RMB 60,000 per year.
What’s the standard deduction for the 2020 tax year?
For the 2020 tax year, the standard deduction amounts are as follows: Taxpayers who are at least 65 years old or blind can claim an additional 2020 standard deduction of $1,300 ($1,650 if using the single or head of household filing status).
