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.
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.
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.
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.