Yearly reminder on how tax brackets work. (3min video)
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- Start date
O.T.I.S.
The Monk & The Mercenary
It’s definitely more than that
First, he said if they put in deductions. Unless I’m missing something, don’t you need a LEGIT reason to put that in?
Second, all of that equaled to about 11,200 out of the supposed 70.
If you don’t do/have deductions it’s more taken out.
Plus, I believe the tax brackets may have changed, as well as the additional taxes and fees for other shyt.
Ultimately, to answer your question i don’t think they need to take 15-20% of my shyt because I didn’t work 80-85% of the time it took to earn it
RadaMillz
Veteran
I was following them until the second pocket, why did he put down only 29,775 when the pocket has room for 39,475 ?
No, the standard deduction for single people is around $12k (well it was in 2021, it's nearly $14k now). And no, You don't need a reason to file a standard deduction. It's the amount the IRS allows anyone to deduct from their taxable income.
People usually choose that over an itemized deduction if they don't have a bunch of specific things they want to deduct.
2023 standard tax deduction
For 2023 (taxes filed in 2024), the standard deduction will increase to $27,700 for joint filers, $20,800 for heads of household, and $13,850 for single filers and those married filing separately.[1]
How the standard deduction works
Even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.- You can either take the standard deduction or itemize on your tax return — you can't do both. Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.
- Taking the standard deduction means you can't deduct home mortgage interest or take the many other popular tax deductions — medical expenses or charitable donations, for example. (But if you itemize, you should hang onto records supporting your deductions in case the IRS decides to audit you.)
- If someone can claim you as a dependent, you get a smaller standard deduction.
- For the 2022 tax year, you get to add an additional $1,400 to your standard deduction if you're over 65 or blind; if you're also unmarried and not a surviving spouse, that jumps up to $1,750. For the 2023 tax year, these two additional standard deduction amounts will increase by $100 to $1,500 and $1,850, respectively.
Standard Deduction for 2022-2023 - NerdWallet
In 2022 the standard deduction is $12,950 for singles, $25,900 for joint filers, and $19,400 for heads of household. Here's how it works and when to take it.
O.T.I.S.
The Monk & The Mercenary
Did not know that
Probably does it automatically
But still. Is that why you may owe, because you didn’t put in a standard deduction?
the cac mamba
Veteran
yeah if you don't own rentals or a business, just putting W2s and stock/interest and shyt, turbotax just puts you down for the standard 12k deduction