You are correct. The 2022 standard deduction for a couple filing Married Filing Jointly will be $25,900.
However, I don't know where you saw that.
Please let me know the version (Deluxe, Premier, etc.) and the platform (Online, or Desktop/CD), and where you are seeing the entry.
Many Thanks.
The ES & W4 Worksheet worksheet does show $25,900 as the 2022 standard deduction. It also shows the 2021 standard deduction of $25,100.
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I checked and I do have the most up to date software. You are correct that the w4 worksheet shows the correct standard deduction amount of 25,900. However line 39 of the what if worksheet shows 25,100 for the standard deduction. I copied the numbers from column 1 (numbers from my 2021 return which are filled in by Turbotax) to column 2 and checked the use 2022 tax rates. I did not change anything else in column 2 .
I did find a work around - copy column 1 to column 3, check the box for 2022 tax rates and override the standard deduction on line 39. Not elegant but it gets the job done. Thanks for your help.
Where is the What-if Worksheet in TT Deluxe 2021 for Mac--not in Forms where is usually is??????
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The What IF Worksheet is definitely wrong on the standard deduction as well as over 65 exemption for 2022 rates. I'm using the Desktop Premiere version. It's still using 2021 rates.
@gleb001 - right, it is using 2021 tax rates and deductions...it's meant to be an estimate only..... just place 2% of what TT calculates for Line 44 into Line 44e and it'll be 'close enough' for an estimate. The form is not smart enough to deal with a 2nd set of tax tables.....
What are you talking about that it's not smart enough to use next year's tax tables? The ES & W4 form uses it correctly and have been updated to 2022 rates.. I've been using the What If Worksheet for many years and every year it's updated corrected when with next years rate increase for standard deductions. Every year it's updated by March and corrected.. The form is incorrect and has not been updated by TurboTax. It was overlooked by their programmers.
It's a shame this still isn't corrected. It seems to me that this shouldn't be a hard thing to fix.
It should be an easy fix.. Guess enough people have not complained yet.
I'm complaining! It's easy to override the standard deduction but the tax tables? I think not.
What renewal is in 10 days? If you are on the Advantage auto renew plan they don't charge you until they ship it in early November. They will send out an email maybe in September to update your credit card info.