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lawrence.3rd
New Member

As a single tax filer the 2021 standard deduction amount is $12,550. Year's end, if all owed taxes have been paid WITHOUT using this deduction, is it refundable?

 
2 Replies
VolvoGirl
Level 15

As a single tax filer the 2021 standard deduction amount is $12,550. Year's end, if all owed taxes have been paid WITHOUT using this deduction, is it refundable?

What?  The Standard Deduction is only on your tax return.  It is subtracted from your AGI income to give you your taxable income.  So you get taxed on a lower amount. It is a good thing.  It means the first 12,550 of income is not taxed.  You don't get the Standard Deduction back in your refund.

xmasbaby0
Level 15

As a single tax filer the 2021 standard deduction amount is $12,550. Year's end, if all owed taxes have been paid WITHOUT using this deduction, is it refundable?

No, the standard deduction is not refundable.   The standard deduction lowers the amount of income you are taxed on.

 

 

Explain Standard Deduction—What is it?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370

**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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