Standard Deductions
According to the IRS, approximately two out of every three taxpayers claim the standard deduction on their income tax returns. In 2014, there was a change to the standard deduction amounts for all individual taxpayers, including: Single (Unmarried Individuals): $6,200, an increase of $100 Married Filing Separately: $6,200, an increase of $100 Head of Household: $9,100, an increase of $150 Married Taxpayers Filing Jointly and Qualifying Widow(er)s: $12,400, an increase of $200 Exemption Values The amount deducted for each exemption claimed on a federal income tax return in 2014 is $3,950, which is an increase of $50 from the 2013 amount.
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