Standard Deduction

The standard deduction is an IRS tax deduction that is used in place of itemization of expenses (Schedule A). For people who do not have complex tax filings or qualifying expenses, the standard deduction is the preferred tax deduction. Taking the standard deduction will reduce your overall tax bill. The standard deduction amount varies depending on the filing status, age, and whether you are disabled or claimed as a dependent on someone else’s tax return. Not everyone will qualify for the standard deduction, including those who choose not to itemize their expenses.

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Hypothetical example(s) are for illustrative purposes only and are not intended to represent the past or future performance of any specific investment.

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