The standard deduction is the no-questions-asked dollar amount the IRS lets you subtract from your taxable income. For 2026, single filers get $15,000; married filing jointly get $30,000; head of household gets $22,500. About 90% of US filers take the standard deduction because it exceeds what they'd save by itemizing. You'd only itemize if your total deductions (mortgage interest, state and local taxes capped at $10,000, charitable contributions, medical expenses over 7.5% of AGI) exceed the standard. The Tax Cuts and Jobs Act of 2017 roughly doubled the standard deduction, dramatically reducing the number of itemizers.
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Standard Deduction
August 22, 2026 · Aditya Gupta
Personal Finance
Related terms
1099 Form
Form 1099 is a family of IRS forms reporting various types of non-W-2 income. 1099-NEC reports nonemployee compensation…
529 Plan
A 529 plan is a tax-advantaged education savings account. Contributions grow tax-free; withdrawals for qualified education expenses (tuition,…
ABLE Account
Achieving a Better Life Experience (ABLE) accounts are tax-advantaged savings accounts for individuals with disabilities (onset before age…
AGI
Adjusted Gross Income (AGI) is your total gross income minus specific 'above-the-line' adjustments — traditional IRA contributions, student…
APR
Annual Percentage Rate (APR) is the yearly cost of borrowing money expressed as a percentage of the loan…
APY
Annual Percentage Yield (APY) is the effective annual rate of return on a savings or investment product, accounting…
