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--mateshko--
New Member

Do I pay my standard deduction for 2020 which is $2,750 out of my pocket?

 
2 Replies
VolvoGirl
Level 15

Do I pay my standard deduction for 2020 which is $2,750 out of my pocket?

What???   The Standard Deduction is a good thing.  Everyone gets a Standard Deduction.  It is subtracted from your income before you pay tax.  So you get taxed on a lower amount.  Are you a dependent?  Because the Standard Deduction is 12,400 or it can be less for dependents.  It means the first 12,400 or in your case 2,750 of income is tax free.

xmasbaby0
Level 15

Do I pay my standard deduction for 2020 which is $2,750 out of my pocket?

What?   No you do not pay your standard deduction.   Your standard deduction lowers the amount of income you have to pay tax on.    If you owe any federal tax you will see if on line 37 of your Form 1040.

 

Explain Standard Deduction—What is it?

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

 

 

Are you being claimed as someone else's dependent?  That would be the only reason your standard deduction would be shown as that amount.

 

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).

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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