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1 reply

VolvoGirl
VolvoGirl
Employee
April 12, 2021

What estimate?  The Standard Deduction or your Itemized Deductions whichever is more is subtracted from your income so you get taxed on a lower amount.  It is a good thing.

 

Which means the first 12,400 Single (24,800 Joint) of your income is not taxed and is tax free.  Unless their itemized deductions are more.  Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car Registration fees, etc.

 

 

 

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