Filing single, no dependants, $0 income.
“Your standard deduction is $12,400 and your itemized deduction is $0. Since your standard deduction is more than or equal to your itemized deduction, we'll use it as your deduction.”
Just confused as to why the deduction would be $12,400 when no deductions were made ?
When using the non-filers in 2019, the deduction was $0. Why won’t it allow it to be $0 in 2020 when using TurboTax?
Everybody gets the larger of the standard deduction ($12,400 for single filing status) or the itemized deduction on an income tax return no matter what your income is ... the is standard operation of the form 1040 and is correct. Don't let it trip you up. Now if you are filing just to get the stimulus money then you will need to wait until they update that section of the program ... return after 1/20 if you have not received the check in the mail to see if it is updated yet and ready to efile.
I appreciate your prompt response.
You can see why having such a large sum when you’re used to seeing 0s would trip someone up, so thank you for explaining that.
And yes filing for the economic impact payment. In this case, the recovery rebate credit.
They haven’t updated the program for the additional stimulus payment? Bummer, already e-filed 2020 (missed the 2019 stimulus deadline) was eager to get the ball rolling.
I thought when approved for $1,200 that the $600 would soon follow no?
Does that mean I will have to amend 2020 once the irs has received the one I filed? Because the 2020 one I filed says $1,200.
Thank you again for your help.
RE: And on the 2019 non filer tax form there was a standard deduction as well if you print a copy of the return ... you just did not see that screen last year.
^ The deduction section on that form when saved/printed is a grey block, so when uploaded to TurboTax it comes up as $0.
Hence my confusion when TurboTax did the 2019-2020 year comparison and 2019 said $0 and 2020 said $12,400.
I see now 2019 should have said $12,200.
how and where did you file 2020??? the IRS is not accepting tax returns until the end of the month.
further, I'd expect the online version of Turbo Tax to be updated later today for the 2nd stimulus payment.
the desktop version updated in the last hour.
you should see the additional money due you on Line 30 of Form 1040,.
@vstax - that is why it is best not to rush to file....now HR Block has your money for their fee and you have to amend if there are changes..... waiting to file with updated and correct forms later in the month would have got you your refund at the same but but accurately .... lesson learned for the future... do not rush to file! 😀