The standard deduction is 15,200, but since I am a railroad retiree, my deduction should be 32,000. How do I correct the deduction amount?
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I think maybe you're thinking of how much of your benefits are tax free, but that has nothing to do with the Standard Deduction on your tax return. That amount is based on your filing status, and age. Once the program determines the amount of taxable income you have, taking into account how much of your retirement is taxable, then the Standard Deduction is subtracted from that number.
I think maybe you're thinking of how much of your benefits are tax free, but that has nothing to do with the Standard Deduction on your tax return. That amount is based on your filing status, and age. Once the program determines the amount of taxable income you have, taking into account how much of your retirement is taxable, then the Standard Deduction is subtracted from that number.
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