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New Member
posted Mar 2, 2021 8:20:08 PM

What is a deduction? this is my first time filing taxes ever and i dont understand.

0 2 422
2 Replies
Level 15
Mar 2, 2021 8:36:54 PM

Read up in Publication 17 available at www.irs.gov

Level 15
Mar 2, 2021 8:38:08 PM

Did it say you are getting the Standard Deduction?  That is a good thing.  Everyone gets to deduct the Standard Deduction or all their Itemized Deductions off their income before the tax is calculated.  Are you Single?  Then you get a 12,400 Standard Deduction.  It means the first 12,400 of your income is not taxed.  So you get taxed on a lower amount.