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New Member
posted Feb 16, 2025 2:53:19 PM

why is standard deduction $7041 and not $14,600 filing single

0 2 816
2 Replies
Level 15
Feb 16, 2025 2:55:02 PM

If you are a dependent and your taxable income is less than the Standard Deduction then your taxable income is used.

Expert Alumni
Feb 16, 2025 2:55:12 PM

This happens when you file a tax return as a dependent of another taxpayer.

 

If you can be claimed as a dependent by another taxpayer, your standard deduction for 2024 is limited to the greater of: (1) $1,300, or (2) your earned income plus $400 (but the total can't be more than the basic standard deduction for your filing status).