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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 

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VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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

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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. 

VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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. 

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