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New Member
posted Apr 11, 2024 10:34:49 AM

Why is my total income calculated as $23,276, when I think it should be much larger?

Tubotax is calculating my total income as $23,276, but according to my the Wages and Income page, it should be much more.

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2 Replies
Level 15
Apr 11, 2024 10:42:58 AM

Why do you think it should be more?  What income did you enter that is not being counted?   And...what line are you looking at that is showing the $23,276?   Where are you getting that amount?  Is it on the Form 1040 or is it in a "summary" that you are looking at?

Level 15
Apr 11, 2024 10:45:25 AM

Are you seeing the taxable income?  That is after deducting the Standard Deduction or  your itemized deductions whichever is more.

 

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 for 65 and over or blind (15,700)

HOH 20,800 + 1,850 for 65 and over or blind (22,650)

Joint 27,700 + 1,500 for each 65 and over or blind (29,200/30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind (15,350)