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It says my standard deduction is 6300 but my federal refund is 2278. why?

Forum|Forum|6 years ago
June 1, 2019
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Best answer by xmasbaby0

Your standard deduction lowers the amount of your income that you are taxed on. It is not a refund. If you are filing single, you get a personal exemption of $4000 and a standard deduction of $6300. That means the first $10,300 of your income is "tax free." You are taxed on the amount over that, and if your withholdings exceed the tax you owe, you get a refund of the difference.

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xmasbaby0Answer

Your standard deduction lowers the amount of your income that you are taxed on. It is not a refund. If you are filing single, you get a personal exemption of $4000 and a standard deduction of $6300. That means the first $10,300 of your income is "tax free." You are taxed on the amount over that, and if your withholdings exceed the tax you owe, you get a refund of the difference.

**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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ashleyolstad

A deduction isn't the same as a refund. The deduction is an amount of money subtracted from your income so you pay less taxes on what is less. Say you have a 20,000 income and a 6,000 deduction, you pay taxes on 14,000 income. It simply adjusts your income down so you pay less taxes. A credit is different.

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SweetieJean

Deduction = subtraction from income, before the tax rate is applied

Credit = direct subtraction from tax liability