Can I see the Schedule calculation used for my 2024 1040?

Forum|Forum|1 year ago
July 9, 2024
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IRS sent me a letter asking for my Schedule A details

TurboTax Deluxe Online

Best answer by VolvoGirl

You only get Schedule A if you itemize deductions. Then it would print out with your return. How much is on 1040 line 12? What is your filing status? If you are a dependent your Standard Deduction can be less than these posted table amounts.

For 2023 the standard deduction amounts are:
Single 13,850 + 1,850 or 65 and over or blind
HOH 20,800 + 1,850 for 65 and over or blind
Joint 27,700+ 1,500 for each 65 and over or blind
Married filing Separate 13,850 + 1,500 for 65 and over or blind

How to download all forms and worksheets

How do I get a copy of a return I filed this year in TurboTax Online?

VolvoGirlAnswer

Employee

How to download all forms and worksheets

How do I get a copy of a return I filed this year in TurboTax Online?

xmasbaby0

Employee

It is not possible for you to have a 2024 Form 1040. No one has prepared or filed a 2024 tax return yet. That will happen in 2025, when people prepare returns for tax year 2024---after 2024 is over. Your current tax return would be a 2023 Form 1040.

And...as explained....you get the standard deduction unless you entered enough itemized deductions on a Schedule A to exceed your standard deduction. Look on line 12 of your 2023 Form 1040 for the standard--or itemized--deduction amount.

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns. The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

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 2023 Form 1040.

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)

**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.**