Not Financial Advice: Any individual tax filer can use IRS Form 1040, the long form. You must use the long form if you are itemizing your deductions.
As per IRS.gov the standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.
The personal exemption for tax year 2017 remains as it was for 2016: $4,050. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). It phases out completely at $384,000 ($436,300 for married couples filing jointly.)
Want to know what your standard deduction is? Check out the IRS's standard deduction calculator here. To use it you'll need to input your age, your spouse's age, filing status, and some basic income information.
The Internal Revenue Service recently reminded taxpayers that the next couple of weeks, especially around Presidents’ Day, marks the busiest time of year for IRS toll-free phone services. Taxpayers can avoid the rush by getting answers to their questions on IRS.gov.
Check out some reasons people call the IRS as well as faster and easier ways to get answers at Azdailysun.com.
Tip! Get the latest updates about the IRS on Twitter @IRSnews.