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