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bryemoyer
New Member

Anyone else have a significant difference in their federal deduction this year compared to last year with no significant increase in income?

 
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1 Reply
JohnB5677
Expert Alumni

Anyone else have a significant difference in their federal deduction this year compared to last year with no significant increase in income?

I suggest you look at your actual tax return.

 

From the left sidebar

  1. Select Tax tools
  2. Hint: You may have to minimize the Federal and State selections
  3. Click Tools
  4. A Menu will pop up
  5. Select View tax summary
  6. On the left panel click Preview my 1040
  7. Deductions are on line 12
  8. Also see lines 19, 26 & 28

Some Key numbers to compare:

  • 11 Adjusted Gross Income
  • 12 Deductions
  • 15 Taxable income
  • 16 Tax
  • 19 Child Tax Credit
  • 26 Earned Income Tax Credit
  • 28 Additional Child Tax Credit
  • 33 Total Payments
  • 34 Overpayment
  • 35a Refund
  • 37 Amount you owe

The standard deduction amounts for 2024 are:

  • $29,200 – Married Filing Jointly or Qualifying Surviving Spouse
  • $21,900 – Head of Household
  • $14,600 – Single or Married Filing Separately

For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:

  • $1,950 for Single or Head of Household
  • $1,550 for married taxpayers or Qualifying Surviving Spouse

You can also see: The difference between standard and itemized deductions, and what they mean

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