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March 7, 2020
Question

Should your total income number and taxable income number be the same? Or is ok if your taxable income is roughly 12k short of your total income number?

  • March 7, 2020
  • 1 reply
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1 reply

DawnC
Employee
March 7, 2020

No, they should not be the same and yes, it is okay that they are not the same.  If you are filing Single and taking the standard deduction, your taxable income will be about $12K less than your total income.  The difference is your standard deduction.  

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