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

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.