The IRS released data on 2020 individual income tax returns (Spring 2022 Statistics of Income Bulletin). There were 164.2 million Forms 1040 and 1040-SR filed for 2020, up from 159.7 million in the previous year. The standard deduction was claimed by 87.5% of all filers; only 12.5% of taxpayers itemized their personal deductions.
Income tax returns for 2020 reflected several law changes, some of which were related to COVID-19 relief. Law changes included:
Debt secured by a principal residence or second home to the extent of the excess of fair market value over acquisition debt. An interest deduction is generally allowed for home equity debt up to $100,000 ($50,000 if married filing separately).