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gplascencia8
New Member

I don't understand what standard deduction is

i need additional help
1 Best answer

Accepted Solutions
ThomasM
New Member

I don't understand what standard deduction is

Every taxpayer gets to choose between a standard deduction  and itemized deductions.  Itemized deductions mean you get to add up all the various deductions you might qualify for, and then use that total (on Schedule A of the 1040) to lower your taxable income.  But the IRS also has a fixed "standard deduction" (currently $6300 for a single filer; $12,600 for married filing jointly) for people who either don't want to itemize, or don't have many deductions they can itemize.

The good thing is that every taxpayer gets to choose which one he wants to take on his tax return.  All you need to do is enter all your information, and TurboTax will calculate which deduction is larger (and better) for you to use.  If the standard deduction is worth more on your tax return than all your itemized deductions, then TurboTax will give you the standard deduction.  And if the opposite is true, then TurboTax will give you the Schedule A itemized deductions.

That's how it works.

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5 Replies
ThomasM
New Member

I don't understand what standard deduction is

Every taxpayer gets to choose between a standard deduction  and itemized deductions.  Itemized deductions mean you get to add up all the various deductions you might qualify for, and then use that total (on Schedule A of the 1040) to lower your taxable income.  But the IRS also has a fixed "standard deduction" (currently $6300 for a single filer; $12,600 for married filing jointly) for people who either don't want to itemize, or don't have many deductions they can itemize.

The good thing is that every taxpayer gets to choose which one he wants to take on his tax return.  All you need to do is enter all your information, and TurboTax will calculate which deduction is larger (and better) for you to use.  If the standard deduction is worth more on your tax return than all your itemized deductions, then TurboTax will give you the standard deduction.  And if the opposite is true, then TurboTax will give you the Schedule A itemized deductions.

That's how it works.

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Carl
Level 15

I don't understand what standard deduction is

Good write up Thomas! I like it!
3beddogs
New Member

I don't understand what standard deduction is

Can I speak to a person now
3beddogs
New Member

I don't understand what standard deduction is

We are suppose to get  152.00 standard Married filing jointly and we did it with on line help free. So I get disability and Thomas got w2
3beddogs
New Member

I don't understand what standard deduction is

So what is all this mean for state
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