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Level 7

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

Hi Guys.

If my standard deduction (single) is higher than adjusted gross income my taxable income is 0.00. Can i obtain a refund, how does its works?

what will be the amount on line 41, form 1040?

Best regard.

 

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2 ACCEPTED SOLUTIONS

Accepted Solutions
Level 15

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

Your standard deduction filing single is the "LESSER" of $6,100 or your earned income plus $350.

This has nothing to do with a refund. You can not get back more taxes than you paid in, as shown on your W-2 in box 2.  You are never refunded social security and medicare (boxes 4 and 6).

 

Level 10

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

If the standard deduction exceeds your AGI, then Line 41 is zero, yes.

5 Comments
Level 15

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

Your standard deduction filing single is the "LESSER" of $6,100 or your earned income plus $350.

This has nothing to do with a refund. You can not get back more taxes than you paid in, as shown on your W-2 in box 2.  You are never refunded social security and medicare (boxes 4 and 6).

 

Highlighted
Level 10

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

If your taxable income is zero, you'll get any withholding refunded back, but having zero taxable income doesn't give you a refund.

12
Level 7

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

so, then my line 41 is is equal 0,00, right?

Level 10

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

If the standard deduction exceeds your AGI, then Line 41 is zero, yes.

12
Level 7

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

thanks