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How is the 2018 Standard Deduction calculated got a single person with EIC?
TurboTax calculated $6339 for Standard Deduction? How as this determined?
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How is the 2018 Standard Deduction calculated got a single person with EIC?
For a single person, the standard deduction is the "LOWER" of $12,000 or your earned income plus $350.
So if you are showing a standard deduction of $6339 that would indicate that your earned income for the entire tax year is only $5989. Note the emphasis is on "EARNED" income.
So if you are showing a standard deduction of $6339 that would indicate that your earned income for the entire tax year is only $5989. Note the emphasis is on "EARNED" income.
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How is the 2018 Standard Deduction calculated got a single person with EIC?
The standard deduction for a person filing with the Single filing status is a straight $12,000.
But, if you can be claimed as a dependent, on someone else’s return, you standard deduction is limited to your earned income + $350. So, it appears that your earned income is $5989.
But, a person, who can be claimed as a dependent, is not eligible for the EIC.
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