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Level 1

Solved

Why does my standard deduction show as $1300

2 replies
73 views

No text available

VolvoGirlAnswer

Level 15

Expert Reviewed

The 2024 Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:

…..$1,300 or

…..Your earned income for the year + $450 but not more than 14,600))

So you would get a minimum of $1,300

See Table 8 Standard Deduction worksheet for Dependents on Page 26

https://www.irs.gov/pub/irs-pdf/p501.pdf

Level 15

Are you being claimed as a dependent? If so your Standard Deduction is your taxable income if less than $14,600.

VolvoGirlAnswer

Level 15

Expert Reviewed

The 2024 Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:

…..$1,300 or

…..Your earned income for the year + $450 but not more than 14,600))

So you would get a minimum of $1,300

See Table 8 Standard Deduction worksheet for Dependents on Page 26

https://www.irs.gov/pub/irs-pdf/p501.pdf