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dcheney
New Member

My 2014 federal return on line 40 has "IE" typed by the amount. So did I itemize or do standard deduction? What does the IE mean?

 
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PatriciaV
Expert Alumni

My 2014 federal return on line 40 has "IE" typed by the amount. So did I itemize or do standard deduction? What does the IE mean?

You can determine which deduction is on your return by comparing the amount on Line 40 with the Standard Deductions listed by filing status on the left column of Form 1040 Page 2.

For instance, if your status is Married Filing Jointly, the Standard Deduction for 2015 is $12,600. If the amount on Line 40 is more than $12,600, then you are receiving the benefit of your Itemized Deductions from Schedule A.

"IE" typically means "Itemized Election" - in other words, Schedule A instead of Standard Deduction.

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