Question: What Is The Standard Deduction And Personal Exemption For 2018?

What is the standard deduction and personal exemption for 2019?

For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200, and for heads of households, the standard deduction will be $18,350 for tax year 2019, up $350..

What is the personal exemption for 2018 taxes?

Before 2018, taxpayers could claim a personal exemption for themselves and each of their dependents. The amount would have been $4,150 for 2018, but the Tax Cuts and Jobs Act (TCJA) set the amount at zero for 2018 through 2025. TCJA increased the standard deduction and child tax credits to replace personal exemptions.

What else can I deduct if I take the standard deduction?

If you take the standard deduction on your 2020 tax return, you can deduct up to $300 for cash donations to charity you made during the year. Donations to donor advised funds and certain organizations that support charities are not deductible. (The CARES Act also lets itemizers deduct more of their charitable gifts.)

Does the standard deduction reduce your taxable income?

The standard deduction reduces the amount of income you have to pay taxes on. You can either take the standard deduction or itemize on your tax return — you can’t do both. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.

Do you get a personal exemption and standard deduction?

Exemptions and deductions both reduce your taxable income. But they’re not the same thing. … In addition to claiming a personal exemption, you could also take the standard deduction if you weren’t itemizing your deductions. The standard deduction is a set amount of money that you can deduct each year.

What is the personal exemption for 2019 taxes?

Note: Line 30000 was line 300 before tax year 2019. The basic personal amount is $12,069.