When I try to finish 12,400 exemtion show up, what...
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New Member

When I try to finish 12,400 exemtion show up, what is it and does it affect my tax

 
4 Replies
Level 15

When I try to finish 12,400 exemtion show up, what is it and does it affect my tax

You are seeing your standard deduction.   That means that the first $12,400 of your income is not taxable if you are not someone else's dependent.  It is not a refund.

 

Explain Standard Deduction—What is it?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
New Member

When I try to finish 12,400 exemtion show up, what is it and does it affect my tax

So I don't pay that 

Sorry I'm new to trying to do them on my own 

Employee Tax Expert

When I try to finish 12,400 exemtion show up, what is it and does it affect my tax

No, your standard deduction of $12,400 is deducted from your income. If you look at your physical 1040 Form, you will see that your taxable income is less than your actual income.

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New Member

When I try to finish 12,400 exemtion show up, what is it and does it affect my tax

Thank you very much

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