Quote:
Originally Posted by Chi-Town
For 2021 tax return, the standard deduction is now $12,550 for single filers (an increase of $150) and $25,100 for married couples filing jointly (an increase of $300). For heads of households, the standard deduction is now $18,800 (an increase of $150). These increases are inflation adjustments.
Not too much to make a big difference. Perhaps a change ib the tax brackets.
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Those deductions are for filers under 65 years old.
If 65 or older for 2021 tax year the standard deduction is :
single filer - $14250
married filing joint both over 65 - $27800 - for 2022 this number increases to $28700