Dependent college student
On my 19 year old son's return he checked that he is a dependent on our return (he's full time college student) but TT is showing he qualifies for a standard deduction of $6070. Can someone tell me why it is showing that?
On my 19 year old son's return he checked that he is a dependent on our return (he's full time college student) but TT is showing he qualifies for a standard deduction of $6070. Can someone tell me why it is showing that?
Regular tax payers (who are not dependents) get a standard deduction of $12,950. Dependents also are allowed a standard deduction, it's just not a fixed $12,950. A dependent's standard deduction is the larger of $1150 or his earned income + $400. If TT is calculating his standard deduction to be $6070, it probably means he has a w-2 for $5670.
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