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triciacasey10
New Member

Why does ur program say my standard deduction for single is 1050 causing me to pay 201 in federal taxes when it should be 6300 which means i would pay no tax?

 
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jerry2000
Alumni

Why does ur program say my standard deduction for single is 1050 causing me to pay 201 in federal taxes when it should be 6300 which means i would pay no tax?

When you are claimed as a dependent, there are special rules that determine what your standard deduction is. Those rules are spelled out in IRS Pub. 501, at this link
https://www.irs.gov/pub/irs-pdf/p501.pdf

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4 Replies
jerry2000
Alumni

Why does ur program say my standard deduction for single is 1050 causing me to pay 201 in federal taxes when it should be 6300 which means i would pay no tax?

Are you being claimed as a dependent?
triciacasey10
New Member

Why does ur program say my standard deduction for single is 1050 causing me to pay 201 in federal taxes when it should be 6300 which means i would pay no tax?

yes by my parents both me and my son
jerry2000
Alumni

Why does ur program say my standard deduction for single is 1050 causing me to pay 201 in federal taxes when it should be 6300 which means i would pay no tax?

When you are claimed as a dependent, there are special rules that determine what your standard deduction is. Those rules are spelled out in IRS Pub. 501, at this link
https://www.irs.gov/pub/irs-pdf/p501.pdf

View solution in original post

Opus 17
Level 15

Why does ur program say my standard deduction for single is 1050 causing me to pay 201 in federal taxes when it should be 6300 which means i would pay no tax?

If you have unearned income more than $1050, it is taxable if you are someone else's dependent.  Unearned income is income from interest, investments, stocks and bonds, and certain other passive activities.  The $6300 limit applies to earned income (income from working or performing a service).

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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