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Itemized/Standard Deduction

Standard Deduction

The standard deduction is $12,600 for married couples filing a joint return and qualifying widow's plus $1,250 once they reach age 65 $6,300 for singles and married individuals filing separately plus 1,550 once they reach age 65, $9,300 for heads of household plus $1,550 once they reach 65, Nearly two out of three taxpayers take the standard deduction, rather than itemizing deductions with expenses such as mortgage interest, real estate taxes, charitable contributions, medical expenses and state and local taxes.

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