Standard Deduction — Definition and What It Means for Your Income
A fixed dollar amount that reduces taxable income, available to all taxpayers who don't itemize.
The standard deduction is a fixed amount that taxpayers can subtract from their gross income before calculating taxable income, without needing to itemize specific deductions. For 2026, it's $15,000 for single filers.
Source: IRS Revenue Procedure 2025-28
Why it matters
The standard deduction effectively makes the first portion of your income tax-free at the federal level — most taxpayers use the standard deduction rather than itemizing.
Example
A single filer earning $70,000 with the $15,000 standard deduction has taxable income of only $55,000 for federal tax calculation purposes.
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FAQ
Standard Deduction — FAQ
What is the 2026 standard deduction?
For 2026, the standard deduction is $15,000 for single filers and approximately $30,000 for married couples filing jointly.