https://ttlc.intuit.com/community/tax-credits-deductions/discussion/standard-deduction/01/141993#M19131 Do I pay the Standard Deduction or do I get that money? Sat, 01 Jun 2019 07:07:55 GMT mjensrud21 2019-06-01T07:07:55Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/standard-deduction/01/141993#M19131 Do I pay the Standard Deduction or do I get that money? Sat, 01 Jun 2019 07:07:55 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/standard-deduction/01/141993#M19131 mjensrud21 2019-06-01T07:07:55Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-do-not-pay-deductions-and-it-is-not-money-you-get-de/01/142032#M19143 <P>You do not pay deductions and it is not money you get. Deductions reduce the amount of taxable income you owe taxes on. <BR /></P><P>For example: <BR /></P><UL> <LI>The standard deduction for a single person is $6300</LI> <LI>If I made $25000 in 2015, and took the standard deduction<BR /> </LI> <LI>I owe taxes on $18700 (25000-6300)</LI> </UL><P>So by reducing the amount you are taxed on, you will (typically) receive a bigger refund or owe less taxes.<BR /></P> Sat, 01 Jun 2019 07:07:57 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-do-not-pay-deductions-and-it-is-not-money-you-get-de/01/142032#M19143 StacyG 2019-06-01T07:07:57Z