More taxpayers claim standard deduction due to complex filing process

The video discusses the stress associated with filing taxes, especially among Gen Z and millennials. Personal finance expert Ted Jenkin provides insights on common tax issues, such as the impact of retirement income on tax liability and strategies to reduce tax bills. He also addresses questions about filing jointly versus separately and choosing between itemizing deductions or taking the standard deduction.

What is a common misconception about pensions and Social Security in relation to taxes?

What is the standard deduction amount for an individual mentioned in the text?