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bbkeen
New Member

I am preparing a tax return as a single filer. TurboTax is stating the standard deduction is $3,878 when IRS rules and your help section states is $14,600. Why?

 
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3 Replies

I am preparing a tax return as a single filer. TurboTax is stating the standard deduction is $3,878 when IRS rules and your help section states is $14,600. Why?

Can you be claimed as a dependent?

JohnB5677
Expert Alumni

I am preparing a tax return as a single filer. TurboTax is stating the standard deduction is $3,878 when IRS rules and your help section states is $14,600. Why?

Please check your actual tax return.

You can preview your tax return by going to:

 

  1. On the menu bar on the left that shows.
  2. Select Tax Tools
  3. On the drop-down select Tools
    1. Tip: If you don't see the dropdown for Tools, minimize the Home feature.
  4. On the popup menu
  5. Select View Tax Summary
  6. On the left sidebar
  7. Select Preview my 1040.
  8. The standard deduction is on line 12

Some key numbers on your 1040 tax return are:

Line 9 - Total Income

Line 11 - AGI

Line 15 - Taxable Income

Line 19 - Child Tax Credit

Line 24 - Total Tax.

Line 25 d - Withholdings.

Line 26 - Estimated tax payments

Line 27 - Earned Income Credit

Line 28 - Additional Child Credit

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

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I am preparing a tax return as a single filer. TurboTax is stating the standard deduction is $3,878 when IRS rules and your help section states is $14,600. Why?

Are you claimed as a dependent?  If not go back to My Info and see if you checked the box that says someone else can claim me.

 

The 2024 Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:

…..Your unearned income was more than $1,300 or
…..Your earned income for the year + $450 (but not more than 14,600)


So you would get a minimum of $1,300 to a max of 14,600.

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