What Are Tax Deduction Exemption Amounts for 2014?

What Are Tax Deduction Exemption Amounts for 2014?

The standard deduction exemption amounts for 2014 depend on the taxpayer's age, filing status and whether or not another taxpayer can legally claim an exemption for the person, according to the IRS. For single people with one exemption, the standard deduction for 2014 is $7,750, or with two exemptions, the deduction is $9,300. For a married couple filing jointly or qualifying widow with a dependent child claiming two exemptions, the standard deduction is $14,800, or $16,000 with three exemptions.

A complete table of deduction amounts is available in IRS Publication 501, which is viewable on the Internal Revenue Service's official website. The table includes deduction amounts for all filing statuses based on number of exemptions, notes the IRS.