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Is a standard deduction of $6,703 okay? Turbo Tax only offers this, although I thought the standard deduction for 2021 was $12,550, any ideas?

 
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3 Replies

Is a standard deduction of $6,703 okay? Turbo Tax only offers this, although I thought the standard deduction for 2021 was $12,550, any ideas?

Are you being claimed as a dependent?  If so, your standard deduction is the same as your income up to $12,550

Is a standard deduction of $6,703 okay? Turbo Tax only offers this, although I thought the standard deduction for 2021 was $12,550, any ideas?

It can be.  Are you a dependent?

The Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:

…..$1,100 or

…..Your earned income for the year + $350 (but not more than 12,550)

 

So you would get a minimum of $1,100.

 

See the 1040 worksheet on page 32

https://www.irs.gov/pub/irs-pdf/

Is a standard deduction of $6,703 okay? Turbo Tax only offers this, although I thought the standard deduction for 2021 was $12,550, any ideas?

I am being claimed as a dependent. So that makes sense. Thank you for your help.

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