Question

Self-employed, single, can be claimed as a dependent. 2022 update says I can deduct 1150 or earned income 400, up to standard ded. But what is my max standard deduction?

Forum|Forum|3 years ago
April 17, 2022
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I know the 2022 threshold for non-dependent single filers is 12,950, but since I can be claimed as a dependent, my standard deduction is still (just like for 2021 taxes) much lower, right? Under the "what's new" heading on page 2 of the updated publication, the distinction wasn't clear to me.
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

TurboTax Online

ColeenD3

The 2021 description is more complete than what is listed in your 1040-ES blurb. Amounts for 2022 will be slightly adjusted for inflation. Point two would be $12, 950.

Single dependents—

You must file a return if any of the following apply.

1. Your unearned income was more than $1,100.

2. Your earned income was more than $12,550.

3. Your gross income was more than the larger of— a. $1,100, or b. Your earned income (up to $12,200) plus $350.