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Standard Deductions

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4491-19 Standard Deduction and Tax Computation v1.0 VO.ppt Standard Deductions & Exemptions Schedule A Pub 17 Chapter 20 Pub 4012 Tab F and Tab 4 – PowerPoint PPT presentation

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Title: Standard Deductions


1
Standard Deductions Exemptions Schedule A
4491-19 Standard Deduction and Tax Computation
v1.0 VO.ppt
  • Pub 17 Chapter 20
  • Pub 4012 Tab F and Tab 4

LEVEL 2 TOPIC
2
Deductions
  • AGI minus deductions exemptions equals taxable
    income
  • TP takes either Standard Deduction or Itemized
    Deductions on Schedule A
  • Additional Standard Deduction Allowance if over
    65 or blind
  • Refer to Pub 4012 Tab F to determine allowable
    standard deduction. Tax Wise does this
    automatically

3
Exceptions To Deductions
  • Married Filing Separately
  • Spouse has itemized TP must itemize
  • Spouse took Standard TP must take Std
  • Non-Resident Alien MUST itemize.

4
Exemptions
  • Personal exemption amount of 3,650 times the
    number in Form 1040 Box 6d
  • The total exemption is automatically calculated
    by TaxWise
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