Standard Deduction
Using Turbo Tax my daughter's standard deduction came up as 5, 174 - why isn't it 12,400?
Using Turbo Tax my daughter's standard deduction came up as 5, 174 - why isn't it 12,400?
Is she being claimed as a dependent?
The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).
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