I am confused and need help. Preparing my 2021 taxes and after entering deductions, the application advises me that I am getting the standard deduction of $27,800 but then a few screens later, it advises me (congratulates me) that I am getting the standard deduction of $28,400. Which one is correct and why am I seeing two different amounts for the standard deduction? Please advise. Thanking you in advance.
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Both amounts may be correct but they are for different things.
If you are filing jointly and you are both over 65, the standard deduction is $27,800 ($25,100 plus $1,350 each for being over 65).
When you take the standard deduction, you are allowed a separate deduction of up to $600 for cash donations. Which when added to the standard deduction of $27,800 gives $28,400.
Thanks for the response. That makes sense but when the return is complete and summarized financials are illustrated, the deduction amount is only for $27,800 and not for the $28,400.
The standard deduction amount can be found on line 12a of the Federal 1040.
The charitable contribution amount can be found on line 12b of the Federal 1040.
Your 2021 Federal 1040 tax return can be viewed at Tax Tools / Tools / View Tax Summary / Preview my 1040.
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