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Standard Deduction
The standard deduction is an amount set up by the Internal Revenue Code (IRC) for each tax year and reduces the taxpayer's taxable income.  The standard deduction is adjusted each year for inflation and varies according to your filing status, to use it in your tax return, please click here.
 
 

Taxpayer who claims the Standard Deduction does not have to keep any records to support it nor does he or she will be audited on that specific item. For this year Standard Deduction amount, please refer to Publication 501, Exemptions, Standard Deduction, and Filing Information. Where do I report Standard deduction? Standard deduction is claimed on IRS form 1040, Line 40a and cannot be taken in lieu of itemized deductions.
 
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2008 Form 1040EZ
2008 Form 1040

 
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