The Standard Deduction

Share This

The standard deduction is a fixed amount, based on your filing status, that reduces your taxable income. You can use either the standard deduction or your actual itemized deductions on Form 1040, but not both.

The standard deduction for a single person or a married person filing separately is $6,200 (2014). Married couples filing jointly have a standard deduction of exactly twice as much as a single person's, at $12,400. If you file as a head of household, your standard deduction is $9,100.

The standard deduction is adjusted every year to keep up with inflation.

If someone else, such as your parents, can claim you on their return, your standard deduction may be lower.

If you or your spouse are considered blind or are age 65 or older, you can claim an additional standard deduction amount. Each additional standard deduction amount is currently $1,200 ($1,550 if you use the Single or Head of Household filing status).

As you go through the step-by-step interview, TaxACT prompts you to enter itemized deductions, such as mortgage interest expense and charitable contributions. If your total itemized deductions are more than your standard deduction, TaxACT uses your itemized deductions to calculate your taxes.

One way TaxACT can help you find more tax deductions is to compare your deductions this year to the deductions you took last year. Use the TaxACT Prior Year Comparison Report to see if the numbers are similar, and if not, if you may be missing a valuable deduction.


Back to My Tax Information

June 2015
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30

Upcoming Tax Dates

June 1 Wagering tax
File Form 730 and pay the tax on wagers accepted during April.

June 1 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in April.

June 10 Employees who work for tips
If you received $20 or more in tips during May, report them to your employer - Details

June 10 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of May.

June 15 Individuals
If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file - Details

June 15 Individuals
Make a payment of your 2015 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment - Details

June 15 Corporations
Deposit the second installment of estimated income tax for 2015 - Details

June 15 Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in May.

June 15 Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in May.

June 25 Regular method taxes
Deposit the tax for the last 16 days of May.

June 29 Regular method taxes
Deposit the tax for the first 15 days of June.

June 30 Wagering tax
File Form 730 and pay the tax on wagers accepted during May.

June 30 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in May.

June 30 Floor stocks tax for ozone depleting chemicals
(IRS No. 20). Deposit the tax for January 1, 2015.

View More Tax Dates