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donald029
Returning Member

My standard deduction appears to be too high.

I have finished my preparation and my standard deduction is $41,000.  This appears too high.  How do I find how this was computed?
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9 Replies

My standard deduction appears to be too high.

Sounds like you itemized on Schedule A.

 

2020 standard deductions

$12,400 Single
$18,650 Head of Household
$24,800 Married Jointly

Add an additional $1,300 for over age 65 or blind
This amount increases to $1,650 if the taxpayer is also unmarried.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

My standard deduction appears to be too high.

Did you enter a lot of deductions?  You get to use either the Standard Deduction or Itemized Deductions whichever is more.  If you have Itemized Deductions you should have a schedule A.  Are you looking at the right line?  1040 line 12.

donald029
Returning Member

My standard deduction appears to be too high.

No.  I did not itemize on Schedule A.  I expected $24,800 but it is double that.

My standard deduction appears to be too high.

Better call in.  Never seen that problem.

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My standard deduction appears to be too high.


@donald029 wrote:

No.  I did not itemize on Schedule A.  I expected $24,800 but it is double that.


How do you know that?   What form and line are you looking at?

 

What is on your 1040 form line 12?

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
donald029
Returning Member

My standard deduction appears to be too high.

I found a form called "St Ded with QDL".   Shows my "Net Qualified Disaster Loss" being added to the "Standard Deduction Claimed with Qualified Disaster Loss".  Can this be correct?

My standard deduction appears to be too high.

Do you have a form 4684  and did you have a qualified disaster loss?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
donald029
Returning Member

My standard deduction appears to be too high.

Yes

My standard deduction appears to be too high.

Then it is probably correct and you would also have a Schedule A so it IS an itemized deduction.

 

(You might want to review the Schedule A and add any other deductions that you might have, medial, mortgage interest, property tax, others that would add more to your refund.)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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