My deductions seem too high

sageklucero · ‎June 6, 2019

I've only made under $5,000 and I am a full time student. Why is my tax deduction $5,500?

AmandaR1 · ‎June 6, 2019

If you preview your form 1040, look at what lines the deductions are on and I can help you understand what they're for. Everyone receives the standard deduction amount of $6,300 (single person) and the personal exemption of $4,050. If someone claims you as a dependent then they take your personal exemption. The software may only be reporting the amount of deductions that you needed to reduce your taxable income to zero.

To preview your form 1040 and find the descriptions of your deductions:

Sign in and click Take me to my return.
Select My Account near the top of your screen, and then Tools from the drop-down menu.
Under Other helpful links... click View Tax Summary.
You'll be at your summary and see tabs along the top that say Preview my 1040 and Preview my state return (if applicable)
On your 1040, look at your deductions for AGI below your income, your Standard Deduction, Taxable Income and keep going into the tax and tax credits section, if needed.