A: The Internal Revenue Service has disclosed the inflation-adjusted numbers for the 2013 tax year, which will affect your federal income-tax return to be filed next year. They were released late last year. The IRS hasn't yet issued numbers for 2014, which will affect your tax return to be filed in 2015. Look for those 2014 details to be published later this year.
But we already have unofficial projections for 2014 from two independent sources who have been highly reliable in prior years: James Young, professor of accountancy at Northern Illinois University, and CCH Inc., a Wolters Kluwer WTKWY +0.46%business that publishes tax and other business information.
The IRS says the basic standard deduction for singles for the 2013 tax year is $6,100. CCH and Prof. Young projects that will rise next year to $6,200. The numbers also apply to married people who file separately.
If you are married and filing jointly, the standard deduction is $12,200 for the 2013 tax year. Prof. Young and CCH project $12,400 for 2014.
If you qualify for "head of household" status, the basic amount is $8,950 for 2013. It is projected to rise to $9,100 for 2014. There are additional amounts for those who are 65 and over, or blind. "The additional standard deduction for those age 65 or older or who are blind will stay at its present $1,200 level in 2014 for married individuals and surviving spouses...but will increase to $1,550 for single, aged 65 or older, or blind filers," says a recent CCH summary.
Our reader is single, over 65 and not blind. Her standard deduction is $7,600 for 2013 and a projected $7,750 for 2014, says CCH's Mark Luscombe. About two-thirds of returns take the standard deduction.
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