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hoppus
New Member

What's the Standard Deduction? I had it last year but don't have it this year? Did I miss something?

 
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MichaelF
New Member

What's the Standard Deduction? I had it last year but don't have it this year? Did I miss something?

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lower tax

The standard deduction is a dollar amount that reduces your taxable income. It is a benefit that eliminates the need for many taxpayers to itemize actual deductions, such as medical expenses, charitable contributions, and taxes, on Schedule A (Form 1040). The standard deduction is higher for taxpayers who:

  • Are 65 or older, or

  • Are blind.

If you have itemized deductions this year that are greater than your Standard Deduction ,
TurboTax will use the higher amount for the maximum refund

WWW.IRS.GOV


I hope this response will assist you. Thank You for your Question. Please reply or comment if you need further assistance.


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