Federal Standard Deduction used by TT differs from the actual standard deduction
I am trying to complete my son's federal return. He is filing single; TT selected the standard deduction, but only included $9,694 as a deduction instead of the $12,550. Any thoughts why? Should I just change the amount in the "Forms"?
03328
3 Replies
xmasbaby0
Level 15
Apr 13, 2022 5:41:30 PM
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).
Bsch4477
Level 15
Apr 13, 2022 5:42:25 PM
The standard deduction is the taxpayers income if the income is not at least as high as the standard deduction.