Turbo tax states that the standard deduction applied to my grandaughter's tax return is $12,200 instead of the correct amount of $14,600. Why the lower amount?
Turbo tax states that the standard deduction applied to my grandaughter's tax return is $12,200 instead of the correct amount of $14,600. Why the lower amount?
Is she being claimed as a dependent on someone else's tax return?
The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,250 or the sum of $400 and the individual’s earned income (not to exceed the regular standard deduction amount of $14,600).
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Actually for 2024…..The 2024 Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:
…..$1,300 or
…..Your earned income for the year + $450 (but not more than 14,600)
@VolvoGirl Thanks----I clicked the prior year numbers for part of my reply...oops.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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