topic standard deduction in Deductions & credits

standard deduction

janeestabrookre — Fri, 26 Feb 2021 12:35:43 GMT

Can I claim the standard deduction if my parents claim me as a dependent?

Re: standard deduction

xmasbaby0 — Fri, 26 Feb 2021 14:10:21 GMT

The software uses your standard deduction automatically. You do not have to "claim" it.

The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).

Re: standard deduction

Hal_Al — Fri, 26 Feb 2021 14:24:33 GMT

Simple answer: No.

A dependent does not automatically get the full $12,400 standard deduction. A dependent's standard deduction is $1100 or his earned income + $350 (but not more than $12,400). For the purposes of that calculation, any taxable scholarship is treated as earned income. Unemployment compensation is not earned income.