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Tax

Standard Deduction

A fixed amount you can subtract from income without itemizing, reducing your taxable income.

What does standard deduction mean?

Most filers take the standard deduction rather than itemizing, especially since it nearly doubled in 2018. You choose the larger of the standard deduction or your total itemized deductions.

Put it to use
1040 Tax Calculator (Tax Year 2017) Use this 1040 tax calculator to help estimate your tax bill using the 2017 tax year's rates and rules.
Related terms
Itemized DeductionTaxable Income
All glossary terms