topic Is Turbo Tax showing my Standard Deduction in the wrong amount? in Deductions & credits

Is Turbo Tax showing my Standard Deduction in the wrong amount?

tatarevictea-gma — Sat, 06 Mar 2021 18:41:03 GMT

I researched the IRS website and checked several other sources and i beleive that my standard deduction should be $24,800, filing with my wife. TurboTax is showing only $16,050, why?

Re: Is Turbo Tax showing my Standard Deduction in the wrong amount?

xmasbaby0 — Sat, 06 Mar 2021 18:44:10 GMT

What is your filing status? Are you sure you chose a joint return? Are you looking at line 12 of your Form 1040?

2020 Standard Deduction Amounts

Single $12,400 (+ $1650 65 or older)

Married Filing Separate $12,400 (+ $1300 if 65 or older)

Married Filing Jointly $24,800 (+ $1300 for each spouse 65 or older)

Head of Household $18,650 (+ $1650 for 65 or older)

Re: Is Turbo Tax showing my Standard Deduction in the wrong amount?

DoninGA — Sat, 06 Mar 2021 18:45:12 GMT

There is no Standard Deduction which would have that number.

What is shown on your federal tax return Form 1040 Line 12?

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.