Turbo Tax is showing $7775 as Standard deduction for a single flier (unmarried). I am a fulltime student and trying to submit tax for the money earned as intern in 2023 summer
You'll need to sign in or create an account to connect with an expert.
The Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:
…..$1,250 or
…..Your earned income for the year + $400 (but not more than 13,850)
So you would get a minimum of $1,250 to a max of 13,850.
See Table 8 Standard Deduction worksheet for Dependents on page 26
https://www.irs.gov/pub/irs-pdf/p501.pdf
If you are a dependent your standard deduction is limited by your earned income.
The Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:
…..$1,250 or
…..Your earned income for the year + $400 (but not more than 13,850)
So you would get a minimum of $1,250 to a max of 13,850.
See Table 8 Standard Deduction worksheet for Dependents on page 26
https://www.irs.gov/pub/irs-pdf/p501.pdf
Appreciate the help, Thanks; the explanation and IRS link was very helpful.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
TheSchulteMeistr
Returning Member
ezubarevsky
New Member
PA12349876
Level 1
gabbered
New Member
home_office_17
Returning Member