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?
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
greatcrazy88
New Member
igor5927
Level 2
gangleboots
Returning Member
baristajosh
New Member
QueenFlappy
Level 1