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New Member
posted Oct 16, 2022 2:47:24 PM

Turbo Tax Std deduction is showing up as 12,850. IRS Amount is saying 12,550 for 2021? Why is Turbo Tax higher?

0 2 260
2 Replies
Level 15
Oct 16, 2022 2:49:47 PM

Look again at the form 1040 lines 12a, 12b & 12c.

 

Standard deduction 12A  12550 + charity deduction 300 allowed  12b = 12C

Level 15
Oct 16, 2022 2:50:34 PM

If you are Single You can take a $300 deduction for charity in addition to the Standard Deduction on line 12b.