2013 Standard Tax Deduction
A standard deduction is the amount of money a tax filer may subtract from his or her income before determining federal tax liability.
Here’s a hypothetical example of how a standard deduction will lower a person’s taxable income:
Example: Parker, single with no dependents, has adjusted gross income of $50,000 for 2012. He claims the standard deduction of $6,100 and one personal exemption of $3,900.
Although Parker had income of $50,000, his taxable income is $40,000 (adjusted gross income – standard deduction – personal exemption).
The amount of a standard deduction will vary based on a taxpayer’s filing status, age and whether he or she is disabled or claimed as a dependent on someone else’s tax return.
Standard Deduction Amounts for 2013
Based on President Obama’s 2013 Budget and Congress failing to extend certain tax cuts, 2013 standard deductions will be as follows:
- Married Filing Jointly (MFJ) – Increase to $12,200
- Single and Married Filing Separately – Increase to $6,100
- Head of Household: Increase to $8,950
Comparison for 2012 and 2013 Standard Deduction
|Single and Married Filing Separately||$5,950||$6,100|
|Married Filing Jointly||$11,900||$12,200|
|Head of Household||$8,700||$8,950|
How To Enter Standard Deduction
Assuming Federal Tax Forms (1040, 1040A and 1040EZ) do not change, claiming the standard deduction in lieu of itemized deductions is entered as follows:
If filing Form 1040, enter on Line 40:
If filing Form 1040A, enter on Line 24:
If filing Form 1040EZ, enter on Line 5:
Federal Tax Refund Fast with TurboTax
- Prepare, print and e-file your simple return with TurboTax® Federal Free Edition
- Get your maximum refund this year!
More Tax Related Information:
- For more information, check out Pub 501 at IRS.gov.
- Head to the Resource tab here at MoneyandMap.com for select Federal Tax Forms.