What is standard deduction

burton3032 · ‎May 31, 2019

Should I do standard deduction

VolvoGirl · ‎May 31, 2019

Yes, everyone gets the Standard Deduction unless their Itemized Deductions are more. It's a good thing. If you are Single or a dependent you get a 6,300 Standard Deduction. That is 6,300 subtracted from your income before the tax is calculated so you get taxed on a lower amount of income. The first 6,300 of income is tax free.

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fanfare · ‎May 31, 2019

Visit <a rel="nofollow" target="_blank" href="http://www.irs.gov">www.irs.gov</a> for a copy of Schedule A to see if itemized deductions would work for you.

VolvoGirl · ‎May 31, 2019

Yes, everyone gets the Standard Deduction unless their Itemized Deductions are more. It's a good thing. If you are Single or a dependent you get a 6,300 Standard Deduction. That is 6,300 subtracted from your income before the tax is calculated so you get taxed on a lower amount of income. The first 6,300 of income is tax free.

AshleyRose · ‎May 31, 2019

The standard deduction is a fixed dollar amount that reduces your taxable federal income. Think of it as tax-free income that you get to keep before taxes are applied to the rest.

To figure your 2016 standard deduction amount, simply select your filing status below in the TurboTax FAQ. (Don't worry – TurboTax automatically calculates this for you, assuming you're taking the standard deduction.)

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