Solved
Mileage deduction
I entered the miles I drove for work in 2016 and it said my standard deduction was a little over $8,000. What does that mean for me? Does it mean my taxable income will be reduced by $8,000?
Answer
Jun 1, 2019 8:07 AM UTC
Correct, deductions reduce your taxable income.
You can take either the standard deduction, which ranges from $6300 to $12600 based on your filing status, or you can take itemized deductions. The program will default to the standard deduction until you enter itemized deductions that exceed your standard deduction.
Employee Job Expenses (incl. work mile) are a Miscellaneous itemized Deduction, meaning they don't kick in until they exceed 2% of your income.
