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New Member
posted Apr 16, 2020 7:03:32 AM

Where is $12,000 of the standard deduction is coming from? What does it mean? How does it affect my tax return? (I'm independent and didn't pay for charity, medical, car)

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1 Best answer
Level 15
Apr 16, 2020 7:19:05 AM

The standard deduction reduces your taxable income (income you are taxed on). It actually reduces your income so you pay less taxes.  It is on every return, if you don't use Itemized Deductions (which is medical, charity donations etc), or you are a dependent on someone else's return.

 

In 2019 the standard deduction is $12,200 for single filers and married filers filing separately, $24,400 for married filers filing jointly and $18,350 for heads of household.

1 Replies
Level 15
Apr 16, 2020 7:19:05 AM

The standard deduction reduces your taxable income (income you are taxed on). It actually reduces your income so you pay less taxes.  It is on every return, if you don't use Itemized Deductions (which is medical, charity donations etc), or you are a dependent on someone else's return.

 

In 2019 the standard deduction is $12,200 for single filers and married filers filing separately, $24,400 for married filers filing jointly and $18,350 for heads of household.