How do I know if the standard section has been calculated already? Does this happen at the end or the beginning of inputting information? Ours is 24,000.

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Deluxe Online

Best answer by fanfare

the forms are pretty confusing now, if they were not already bad enough before.
You get the standard Deduction if your itemization comes out to be less than that.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend because a TurboTax update changes your return.

You need to pay the fee to print the tax return.

J

JuelliaAuthor

Employee

I still am not clear on how to find out what this dollar amount is. Are you saying that it has already been calculated in form the beginning, or do I need to wait until I submit the form to actually know the true number? Thanks.

fanfareAnswer

Employee

the forms are pretty confusing now, if they were not already bad enough before.
You get the standard Deduction if your itemization comes out to be less than that.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend because a TurboTax update changes your return.

You need to pay the fee to print the tax return.

J

JuelliaAuthor

Employee

Thank you for this, as it makes it slightly clearer and less stressful. So if we gross 85000.00, we are only taxed for the minus the $24,000. which is $61000. in the 22% bracket. so we would be taxed for the $61000. (around $13420.00) And If our deductions are around 12,000...) then we would be wise to take the standard deduction, correct?

V

Vanessa11_2

Employee

The standard deduction is used as the default deduction. The calculations are based on the standard deduction from the beginning after you enter your personal information (name, marital status, dependents) up until the point you enter itemized expenses that are greater than your standard deduction.

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