Did the GOP eliminate the additional standard deduction for “elderly” in the Tax Reform law
What is the 2021 standard deduction?
$12,550
2021 Standard Deductions
$12,550 for single filers. $12,550 for married couples filing separately. $18,800 for heads of households. $25,100 for married couples filing jointly.
What are the new tax changes for 2020?
Top 9 Tax Law Changes for Your 2020 Taxes
- The standard deduction increased for inflation.
- Changes to retirement savings rules and limits.
- Mortgage insurance premiums are still deductible.
- Changes to educational tax breaks.
- Energy-related tax credits are still available.
- Higher income limits for the pass-through deduction.