topic Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability? in Get your taxes done using TurboTax

Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

Terra — Wed, 30 Oct 2024 21:12:28 GMT

Re: Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

VolvoGirl — Wed, 30 Oct 2024 21:20:32 GMT

The Standard Deduction is subtracted from your income before the tax is calculated. So yes it will reduce your tax a little.

But FICA (W2 box 4 & 6) doesn’t affect your tax return. If you have self employment 1099 income you pay/add FICA to the tax due. There are several different credits. Some will reduce your tax liability and some will also add to a refund you get.

Re: Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

xmasbaby0 — Wed, 30 Oct 2024 21:20:55 GMT

You do not get anything back in your refund for Social Security or Medicare tax that was withheld (unless your SS with over-withheld)

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850 (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse

HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600 (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1500)

HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1850)

Re: Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

Terra — Wed, 30 Oct 2024 21:30:29 GMT

Okay, thanks on the Standard Deduction details.

What about Paid Federal Income Tax (FICA) , Fed'l Return 1040: Adj. & Credits: All lessen Federal Tax Liability; right?

Re: Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

Terra — Wed, 30 Oct 2024 22:31:04 GMT

Isn't FICA W2 Fed'l Tax Withholding?

This W2 Fed'l Tax Withholding lessens one's Fed'l Tax Liability; right? As does 1040 Credits and Adjustments too.

Re: Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

VolvoGirl — Wed, 30 Oct 2024 23:25:37 GMT

No. FICA is not the same as withholding. FICA is the Social Security & Medicare mandatory tax. It is on your W2 in boxes 4&6. You only get credit for federal income tax withholding in box 2 and box 17 for state withholding.