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Level 2
August 22, 2018
Solved

STANDARD DEDUCTION HIGHER THAN AGI ON FORM 1040

  • August 22, 2018
  • 5 replies
  • 62 views

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.

 

    Best answer by Lisa995

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

    5 replies

    Carl
    Level 11
    Level 11
    August 23, 2018

    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
    August 23, 2018

    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
    August 23, 2018

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

    Lisa995
    Alumni - Champ
    Lisa995Alumni - ChampAnswer
    Alumni - Champ
    August 23, 2018

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

    ♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪