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victoriamoore3
New Member

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

 
2 Replies
VolvoGirl
Level 15

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?

SweetieJean
Level 15

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.

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