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Level 2
posted Aug 22, 2018 3:58:34 PM

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.

 

0 5 8256
1 Best answer
Alumni
Aug 23, 2018 3:50:01 PM

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

5 Replies
Level 15
Aug 23, 2018 7:26:27 AM

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).

 

Alumni
Aug 23, 2018 9:10:40 AM

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

Level 2
Aug 23, 2018 2:55:47 PM

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

Alumni
Aug 23, 2018 3:50:01 PM

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

Level 2
Aug 23, 2018 4:02:17 PM

thanks