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Returning Member
posted Mar 18, 2021 2:53:06 PM

What form in TurboTax shows how the standard deduction is calculated? The standard deduction now showing is twice the $24,800 I expected.

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2 Replies
Level 15
Mar 18, 2021 2:54:33 PM
Level 15
Mar 18, 2021 2:55:49 PM

The Standard Deduction is a fixed amount as shown on the Federal Tax Return Form 1040 Line 12.

 

Standard deductions for 2020

  • Single - $12,400 add $1,650 if age 65 or older
  • Married Filing Separately - $12,400 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,650 add $1,650 if age 65 or older

If your itemized deduction on Schedule A are greater than the standard deduction for your filing status the itemized deductions will be used on Form 1040 Line 12.