Money Doc
Level 1

Is the maximum deduction $600 on a joint return?

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IRonMaN
Level 15

$300 is the max.


Slava Ukraini!
Camp1040
Level 10

No, $300 for MFJ, supposed to change in 2021 to $300 per taxpayer, I think, maybe.

 

Sorry @IRonMaN  did not see your reply.

IRonMaN
Level 15

No problem - I tend to blend in with the paneling 😁


Slava Ukraini!
Just-Lisa-Now-
Level 15
Level 15

Yep, the $600 for MFJ starts with the 2021 tax year.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15

But the deduction starting in 2021 is a BELOW the line deduction.

Camp1040
Level 10

Should benefit most, if allowed in addition to standard deduction. I have not read the particulars of the 2021 deduction.