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2020 Standard Deduction Amounts

Standard deductions usually increase every year due to inflation. Below are the updated tax year 2020 standard deduction amounts:

• Married filing jointly: $24,800 — up $400 from 2019 tax returns
• Married filing separately: $12,400 — up $200 from 2019 tax returns
• Head of household: $18,650 — up $300 from 2019 tax returns
• Single: $12,400 — up $200 from 2019 tax returns

Please consult your tax advisor on all the above issues.

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