topic I only earned $1155.50 Do I use standard deduction? in Deductions & credits

I only earned $1155.50 Do I use standard deduction?

carmenastorga570 — Thu, 04 Mar 2021 23:45:18 GMT

Re: I only earned $1155.50 Do I use standard deduction?

xmasbaby0 — Thu, 04 Mar 2021 23:48:21 GMT

The software will automatically use standard deduction for you.

Explain Standard Deduction—What is it?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370

Re: I only earned $1155.50 Do I use standard deduction?

VolvoGirl — Thu, 04 Mar 2021 23:48:34 GMT

If you only had W2 income then yes the Standard Deduction might be more. Do you have any deductions you can itemize? You get to deduct either the Standard Deduction or your itemized deductions whichever is more.

For 2020 the standard deduction amounts are:

Single 12,400 + 1,650 for 65 and over or blind (14,050)

HOH 18,650 + 1,650 for 65 and over or blind

Joint 24,800 + 1,300 for each 65 and over or blind

Married filing Separate 12,400 + 1,300 for 65 and over or blind

If you are a dependent your Standard Deduction might be less.