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Level 2
Aug 22, 2018 10:58 PM UTC
Solved

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

Hi Guys.

If my standard deduction (single) is higher than adjusted gross income my taxable income is 0.00. Can i obtain a refund, how does its works?

what will be the amount on line 41, form 1040?

Best regard.

 

    Lisa995
    Lisa995Answer
    Alumni - Champ
    Aug 23, 2018 10:50 PM UTC

    If the standard deduction exceeds your AGI, then Line 41 is zero, yes.

    ♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

    5 replies

    Carl
    Level 11
    Level 11
    Aug 23, 2018 2:26 PM UTC

    Your standard deduction filing single is the "LESSER" of $6,100 or your earned income plus $350.

    This has nothing to do with a refund. You can not get back more taxes than you paid in, as shown on your W-2 in box 2.  You are never refunded social security and medicare (boxes 4 and 6).

     

    Lisa995
    Alumni - Champ
    Alumni - Champ
    Aug 23, 2018 4:10 PM UTC

    If your taxable income is zero, you'll get any withholding refunded back, but having zero taxable income doesn't give you a refund.

    ♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
    1213_2Author
    Level 2
    Aug 23, 2018 9:55 PM UTC

    so, then my line 41 is is equal 0,00, right?

    Lisa995
    Alumni - Champ
    Lisa995Alumni - ChampAnswer
    Alumni - Champ
    Aug 23, 2018 10:50 PM UTC

    If the standard deduction exceeds your AGI, then Line 41 is zero, yes.

    ♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪