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Is it best to have a deduction of $1,200 or $12,200
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January 22, 2020
3:32 PM
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Business & farm
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?
January 22, 2020
3:36 PM
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Business & farm
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.
January 22, 2020
3:46 PM