Federal Income Tax Standard Deductions

Video Transcript

"Today we're here to talk about how to calculate your standard deductions on the IRS tax forms. There are a number of deductions depending on your classification. You may be filing single, married, married filing jointly, married filing separately, single head of household. There are also widower, etcetera. There are a number of classifications. You have to determine which classification you're in and then from there, there are other extenuating circumstances for instance if you're over 65, you're entitled to additional deductions and also if you happen to be blind or if you have a number of other cases, situations and those you just have to review the guidelines and the IRS forms and see which category you should be in and then which of the other extenuating circumstances would also apply. The deductions for 2008 would be for filing single, 5,450, for married filing jointly, the number is 10,900. Head of household is 8,000 and a qualifying widower with a dependent child would be 10,900."