turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is it best to have a deduction of $1,200 or $12,200

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Is it best to have a deduction of $1,200 or $12,200

The Standard Deduction for Single is 12,200.  It is a good thing.    Everyone gets a Standard Deduction unless their Itemized deductions are more.  The Standard Deduction is subtracted from your income before the tax is calculated so you get taxed on a lower amount.  It means the first 12,200 of income is not taxed.

 

where are you seeing $1,200?

Is it best to have a deduction of $1,200 or $12,200

Taxpayers who can be claimed as dependents on someone else's tax return have a different standard deduction.   As of 2019, your standard deduction is limited to either (1) $1,100 or (2) your earned income plus $350, whichever is more.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies