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Level 1
February 16, 2025
Question

why is standard deduction $7041 and not $14,600 filing single

  • February 16, 2025
  • 2 replies
  • 35 views
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    2 replies

    DoninGA
    Level 15
    Level 15
    February 16, 2025

    If you are a dependent and your taxable income is less than the Standard Deduction then your taxable income is used.

    Level 15
    February 16, 2025

    This happens when you file a tax return as a dependent of another taxpayer.

     

    If you can be claimed as a dependent by another taxpayer, your standard deduction for 2024 is limited to the greater of: (1) $1,300, or (2) your earned income plus $400 (but the total can't be more than the basic standard deduction for your filing status).

     

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