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Deductions & credits
Do you have other deductions? Are all your deductions more than the standard deduction? Turbo Tax starts out by giving you the Standard Deduction so you won't see a change until your itemized deductions go over.
For 2020 the standard deduction amounts are:
Single 12,400 + 1,650 for 65 and over or blind (14,050)
HOH 18,650 + 1,650 for 65 and over or blind
Joint 24,800 + 1,300 for each 65 and over or blind
Married filing Separate 12,400 + 1,300 for 65 and over or blind
And if you take the Standard Deduction you can also deduct up to 300 for charity on 1040 line 10b. So the Standard Deduction + 300 might be more than your deductions.
March 14, 2021
5:08 PM