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ayudarme
New Member

Self-employed, single, can be claimed as a dependent. 2022 update says I can deduct 1150 or earned income 400, up to standard ded. But what is my max standard deduction?

I know the 2022 threshold for non-dependent single filers is 12,950, but since I can be claimed as a dependent, my standard deduction is still (just like for 2021 taxes) much lower, right? Under the "what's new" heading on page 2 of the updated publication, the distinction wasn't clear to me.
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
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1 Reply
ColeenD3
Expert Alumni

Self-employed, single, can be claimed as a dependent. 2022 update says I can deduct 1150 or earned income 400, up to standard ded. But what is my max standard deduction?

The 2021 description is more complete than what is listed in your 1040-ES blurb. Amounts for 2022 will be slightly adjusted for inflation. Point two would be $12, 950.

 

Single dependents— 

You must file a return if any of the following apply.

1. Your unearned income was more than $1,100. 

2. Your earned income was more than $12,550. 

3. Your gross income was more than the larger of— a. $1,100, or b. Your earned income (up to $12,200) plus $350. 

 

 

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