I know I cannot file yet, but I've been entering our W2 info early to save some time. Why is the Standard Deduction showing as $0? Are we waiting for an update from the IRS or something?
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Where are you looking for your standard deduction? It will be on line 12 of your Form 1040.
Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
Is your filing status married filing separately and is your spouse claiming itemized deductions? If so, your standard deduction is zero. If you file as married filing separately you have to either both take the standard deduction or both itemize.
Were you a U.S. citizen or resident alien for the entire year?
I found it. I started my return incorrectly. When I started over, I corrected my error and all is well now.
Thank you to those that replied.
TL;DR - user error.
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