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April 11, 2024
Question

Why is my total income calculated as $23,276, when I think it should be much larger?

  • April 11, 2024
  • 2 replies
  • 0 views
Tubotax is calculating my total income as $23,276, but according to my the Wages and Income page, it should be much more.

2 replies

Employee
April 11, 2024

Why do you think it should be more?  What income did you enter that is not being counted?   And...what line are you looking at that is showing the $23,276?   Where are you getting that amount?  Is it on the Form 1040 or is it in a "summary" that you are looking at?

**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.**
VolvoGirl
Employee
April 11, 2024

Are you seeing the taxable income?  That is after deducting the Standard Deduction or  your itemized deductions whichever is more.

 

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 for 65 and over or blind (15,700)

HOH 20,800 + 1,850 for 65 and over or blind (22,650)

Joint 27,700 + 1,500 for each 65 and over or blind (29,200/30,700)

Married filing Separate 13,850 + 1,500 for 65 and over or blind (15,350)