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mempaker
New Member

My parents are claiming me as a deduction but my tax preparation keeps giving me a federal deduction of 6300. Is this correct?

 
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Hal_Al
Level 15

My parents are claiming me as a deduction but my tax preparation keeps giving me a federal deduction of 6300. Is this correct?

Yes.

There are two "deductions" a taxpayer gets, a personal exemption of $4050 and a standard deduction** of up to $6300. 

When you are claimed as a dependent, you lose the $4050 exemption. You still get a standard deduction, that may be less than $6300, but cannot be more than $6300.

**Technically a taxpayer gets either a standard deduction or can itemize deductions. It's unusual for a dependent to have enough qualifying expenses for itemized deductions (examples: real estate taxes and home mortgage interest)

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Hal_Al
Level 15

My parents are claiming me as a deduction but my tax preparation keeps giving me a federal deduction of 6300. Is this correct?

Yes.

There are two "deductions" a taxpayer gets, a personal exemption of $4050 and a standard deduction** of up to $6300. 

When you are claimed as a dependent, you lose the $4050 exemption. You still get a standard deduction, that may be less than $6300, but cannot be more than $6300.

**Technically a taxpayer gets either a standard deduction or can itemize deductions. It's unusual for a dependent to have enough qualifying expenses for itemized deductions (examples: real estate taxes and home mortgage interest)

View solution in original post

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