Why is TurboTax showing my standard deduction for 2020 as being $5,505, and not $12,400?

[xmasbaby0]

Are you someone else's dependent?

The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).

[MinhT1]

This happens if you are someone else's dependent.

For 2020, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual's earned income (not to exceed the regular standard deduction amount).

[bpollack97]

While I can be claimed as a dependent, I am not.  Does this greater of $1,100 or the sum of $350 and the individual's earned income apply to individuals who simply may be claimed as a dependent?

[Opus 17]

Yes. See this.

https://ttlc.intuit.com/community/income/help/what-is-the-kiddie-tax/00/25913

Basically, the "kiddie tax" taxes a child at a higher rate on their unearned income.  This is normally income from investments, so that the parents can't put income in their child's name to pay a lower tax rate.  However, unearned income also includes unemployment compensation, so if you received unemployment this year, and you are under 24 and your parents are still alive, you are probably subject to the kiddie tax.  There is a section of the program you will need to review, "Child's income under age 24" in the Uncommon Income section. 

The amount of kiddie tax is currently being calculated incorrectly by turbotax, so you might want to wait a few days before filing to see if it gets fixed. Or, when the interview asks you about your parent's income, add $1 of qualified dividend income even if they don't have dividends, this seems to fix the error in the program.