Question

I just wanted to know why is $13,000 being taken out of my taxes?

Forum|Forum|2 years ago
January 27, 2024
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TurboTax Free Edition Online

Employee

Where? Are you referring to the Standard Deduction? The Standard Deduction is a good thing. Everyone gets a Standard Deduction. It is subtracted from your income before you pay tax. So you get taxed on a lower amount. It means the first 13,850 of income is tax free.

B

bcb03db16fa3Author

It says out of $14,090 I’m only making back $600 dollars and it’s taking out $13,850 from standard deduction. Is the $600 actually what I’m only making back?

DoninGA

Employee

@bcb03db16fa3 wrote:

It says out of $14,090 I’m only making back $600 dollars and it’s taking out $13,850 from standard deduction. Is the $600 actually what I’m only making back?

If your total income is $14,090 then subtracting the Standard Deduction of $13,850 equals $240 which is your taxable income. The tax on your taxable income is $24 if you are filing as Single.

So your tax refund is your tax payments (usually box 2 on the W-2) minus $24.

DoninGA

Employee

Where are you seeing this amount? If your tax return shows you owe this amount then you need to go back to the income sections you completed and edit those entries. You probably entered an incorrect amount or entered a decimal point incorrectly or entered a comma instead of a decimal point.