The standard deduction is rising for 2020: Here's what you need to know

[mfcorey1]

Taxpayers have a choice when filing their returns: They can take the standard deduction or itemize their deductions. The latter option can be far more time-consuming, and whether it's worth doing depends on what the standard deduction looks like.

Each year, the IRS determines what the standard deduction is for taxpayers, and in 2020, it's going up a bit. That's good news, since the overwhelming majority of people who file taxes don't itemize, but instead opt for the standard deduction.

The 2020 standard deduction
The standard deduction you're entitled to will depend on your tax-filing status. Here's what it looks like going into 2020:

https://www.msn.com/en-us/money/taxes/the-standard-deduction-is-rising-for-2020-heres-what-you-need-to-know/ar-BBXd0B8?li=BBnb7Kz&ocid=mailsignout

[JustAnotherGen]

1. Not jazzed by it

State and local taxes (including state income and property taxes, up to $10,000)

Except my property taxes are $9600 and my state tax YTD on just MY income (not my husbands) is just about the same.

SALT Cap fucked us over in NJ.

We used to claim both. Now I pay property taxes to fund the kids in my district and state AND property taxes for states that don't have an income tax and instead come to me looking for a handout. And most of those states still have segregated schools.

Sorry - it just sucks for working families in places like NJ. We pay with good intent and I will never understand how those red states get away with this thievery.

[Hermit-The-Prog]

3. you were a target of the GOP

[JustAnotherGen]

4. Yep

And that's why Tom Kean is going to fail in his bid to try and oust Tom Malinowski in our district. He's thick as thieves with the Trump Administration and what you permit - you promote.

[OKNancy]

2. Seniors also add $1300.00

[MichMan]

5. Article appears to state that most people got a tax cut, especially lower incomes

"That's good news, since the overwhelming majority of people who file taxes don't itemize, but instead opt for the standard deduction."

As someone who hasn't itemized for years, my taxes dropped a significant amount and we arent close to being considered wealthy.