Has the Standard Deduction for Taxpayers Who Do Not Itemize Been Raised for 2014?

The standard deduction for 2014 was raised from its 2013 level of $6,100 to $6,200 for single taxpayers; for married couples filing jointly, the level jumped from $12,200 to $12,400. Head-of-household filers can take a standard deduction of $9,100, which is up for $8,950 for tax year 2013.

Married taxpayers filing a separate return get a boost from 2013’s $6,100 standard deduction to a new level of $6,200. These increased levels only apply to taxpayers who do not itemize their deductions. The limitation for itemized deductions for tax year 2014 begins at $254,200 for individuals opting for a filing status of single and $305,050 for married couples filing a joint return.