turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Turbo Tax is showing $7775 as Standard deduction for a single flier (unmarried)

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 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Turbo Tax is showing $7775 as Standard deduction for a single flier (unmarried)

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

View solution in original post

3 Replies

Turbo Tax is showing $7775 as Standard deduction for a single flier (unmarried)

If you are a dependent your standard deduction is limited by your earned income. 

Turbo Tax is showing $7775 as Standard deduction for a single flier (unmarried)

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

Turbo Tax is showing $7775 as Standard deduction for a single flier (unmarried)

Appreciate the help, Thanks;   the explanation and IRS link was very helpful. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies