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litebkt
Level 2

TT is giving me the incorrect standard deduction.

This is my first year where my deductions are not greater than the standard deduction. TT is giving me a value of $14,050 for my standard deduction on my form 1040. I know that it should be only $12,000. I can't change the value. I double click on it and it takes me to Schedule A where I have something like $7,000 dollars in deductions. I can't correct this error.

How do I solve this problem. I can't submit these forms if they are not correct.

1 Best answer

Accepted Solutions
macuser_22
Level 15

TT is giving me the incorrect standard deduction.

It sounds like you are unmarried and over age 65 so that is the correct amount.

 

$12,400 + $1,650 = $14,050

 

 

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.**

View solution in original post

3 Replies
macuser_22
Level 15

TT is giving me the incorrect standard deduction.

It sounds like you are unmarried and over age 65 so that is the correct amount.

 

$12,400 + $1,650 = $14,050

 

 

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.**

View solution in original post

litebkt
Level 2

TT is giving me the incorrect standard deduction.

Thank you. I was able to find this on an IRS site but it is curious I could not find it in any of the forms. I always check the forms. I do appreciate your answer very much. It confirms what I found and I feel more comfortable now. Indeed, my 65th birthday was last October.

 

macuser_22
Level 15

TT is giving me the incorrect standard deduction.

TurboTax used the personal information  you entered - your date of birth and filing status and put the correct deduction on the 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.**
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