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

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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:

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