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?

lawrence.3rd · ‎June 26, 2021

VolvoGirl · ‎June 26, 2021

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 · ‎June 26, 2021

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

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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?