I am single and filing my own return. I'm a student and most of my income came from a summer internship. My total income was slightly less than $8,000. Because I'm single, my standard deduction should be $12,000. However, TurboTax states that the standard deduction will save me the most money, but then put that the standard deduction amount is $8,098 for some reason. That's also what the software entered on the 1040 form, page 2 line 8.
Shouldn't that entry be $12,000? This error doesn't affect what refund I'd get, as my total income was still below the deduction, but I'm still hesitant to file my return if this is indeed an error.
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Here’s IRS publication 501. The Standard Deduction for a dependent is on the Earned Income + 350 or the max for Single 12,000. See worksheet on page 25
https://www.irs.gov/pub/irs-pdf/p501.pdf
Here’s IRS publication 501. The Standard Deduction for a dependent is on the Earned Income + 350 or the max for Single 12,000. See worksheet on page 25
https://www.irs.gov/pub/irs-pdf/p501.pdf
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