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peswartz
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Why am I getting $0 back on my standard deduction.

 
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Why am I getting $0 back on my standard deduction.

The Standard Deduction which is shown on your federal tax return, Form 1040 Line 12, is based on your filing status.  It is the amount of your income that is excluded from taxation.

 

Standard deductions for 2023

  • Single - $13,850 add $1,850 if age 65 or older
  • Married Filing Separately - $13,850 add $1,500 if age 65 or older
  • Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
  • Head of Household - $20,800 add $1,850 if age 65 or older

Why am I getting $0 back on my standard deduction.

Where?  Do you have zero on 1040 line 12?  Or is your refund zero?  What is your filing status?  If you are Married filing Separate and your spouse is itemizing you have to itemize too, even if you don’t have any deductions.  So line 12 could bd zero.  

Why am I getting $0 back on my standard deduction.

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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