New Standard Deduction

The Tax Cuts and Jobs Act nearly doubled the standard deduction. Thus, itemizing deductions will only makes sense if your total itemized deductions exceed the new standard deduction.

In the 2018 tax year, the standard deduction for each filing status is:

Single………………………………………………………………..$12,000 …….(was $6,350 in 2017)

Married filing jointly. Qualifying widow(er) ………..$24,000 …….(was $12,700 in 2017)

Married filing separately …………………………………..$12,000 …….(was $6,350 in 2017)

Head of household……………………………………………$18,000 …….(was $9,350 in 2017)

Taxpayers age 65 and older can claim an extra standard deduction of $1,600 for single filers and $2,600 for married couples who are both at least 65 and filing jointly.

The Tax Policy Center estimates that 90 percent of taxpayers will use the standard deduction.