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mannyjosue
New Member

My federal deduction and exemptions says 22, 000 where do they get that amount from I only made about 14,000 ?Is that correct

 
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Coleen3
Intuit Alumni

My federal deduction and exemptions says 22, 000 where do they get that amount from I only made about 14,000 ?Is that correct

What you earned is irrelevant to the amounts the IRS gives you as a Standard Deduction and exemptions. There is a $4050 exemption for every person on the tax return. Your Standard Deduction is determined by your filing status.

  • The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.

  • The personal exemption for tax year 2017 remains as it was for 2016: $4,050.  However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). It phases out completely at $384,000 ($436,300 for married couples filing jointly.)

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Coleen3
Intuit Alumni

My federal deduction and exemptions says 22, 000 where do they get that amount from I only made about 14,000 ?Is that correct

What you earned is irrelevant to the amounts the IRS gives you as a Standard Deduction and exemptions. There is a $4050 exemption for every person on the tax return. Your Standard Deduction is determined by your filing status.

  • The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.

  • The personal exemption for tax year 2017 remains as it was for 2016: $4,050.  However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). It phases out completely at $384,000 ($436,300 for married couples filing jointly.)
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