My standard deduction is coming out as 2999 rather than 14600. Why? I have 2000 in w2 income and earnnings on a 529. No penalty because I received scholarship money I applied it against which is an exception
02857
2 Replies
MindyB
Expert Alumni
Apr 15, 2025 7:08:00 PM
It sounds like you were able to reduce your income to zero. You can't have negative income because of the standard deduction being greater than your earnings.
rjs
Level 15
Apr 15, 2025 7:12:27 PM
Can someone claim you as a dependent? If so, you don't get the same standard deduction as someone who cannot be claimed as a dependent unless your income is much higher.