David is 59 years old and he is a retired police officer. He is a single...

David is 59 years old and he is a retired police officer. He is a single dad, living with his 14 years old son, Nicholas. David supports Nicholas everything and he claims Nicholas as a dependent. Calculate standard deduction of David

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Expert Solution

Answer :Standard deduction od David = $12,400

Explanation for the answer :

The standard deduction reduces your taxable income. In 2019 the standard deduction is $12,200 for single filers and married filers filing separately, $24,400 for married filers filing jointly and $18,350 for heads of household.

In 2020 the standard deduction is $12,400 for single filers and married filers filing separately, $24,800 for married filers filing jointly and $18,650 for heads of household.

The standard deduction is $1,300 higher for those who are over 65 or blind; it’s $1,650 higher if also unmarried and not a surviving spouse.
If someone can claim you as a dependent, you get a smaller standard deduction.

How the standard deduction works

Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.
You can either take the standard deduction or itemize on your tax return — you can’t do both. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.
Taking the standard deduction means you can’t deduct home mortgage interest or take the many other popular tax deductions — medical expenses or charitable donations, for example. (But if you itemize, you should hang onto records supporting your deductions in case the IRS decides to audit you.)

ekkarill92 answered 1 year ago

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