12
Member I

Line on form 1040A 2014 Standard Deduction

I am a having problem on form 1040 A 2014 to uderstand

I was doing a simulation to fille out a form 1040a-2014 and a noticed that the line 24 is 5,171 not 6,200 (standard deduction for single in 2014)

So, according publication 929 of 2014, the amout of standar deduction for single is 6,200, but why in my line 24 i have 5,171?

Data:

Filling status: single
wage 4,821.00
Fed. income withheld 47.00
FICA: 368,80

 

Thank you

 

 Line 24 of form 1040 A - 2014.PNG

 

 

 

 

7 Comments
Catalyst V

Line on form 1040A 2014 Standard Deduction

I'm a bit perplexed. But read the note in the margin to the left of line 24:
"People who check any box on line 23a or 23b or who can be claimed as a dependent, see instructions."

Can you be claimed as a dependent on someone else's return? Understand the detail of this now. It does not matter if you are claimed as a dependent on someone else's return. If you QUALIFY to be claimed as a dependent on someone else's return, then you can not take the self-exemption on line 6a.

I do find the numbers a bit weird myself. But even so the bottom line result is that you have zero tax liability for the 2014 tax year, since you earned less than your standard deduction. The amount that is shown on line 24 exceeds your reportable earnings for the year, so the bottom line result on line 39 would show zero, which would be correct.

However, what is not indicated is if you paid and qualified for any of the refundable education credits maybe? Even so, I would expect the amount shown on line 24 to be either the standard deduction for 2014, or equal to your tax liability for the tax year, if you did not qualify for the standard deduction. (as far as I know, only non-resident aliens do not qualify for the standard deduction, and therefore can not use the 1040 to file a tax return. They have to use the 1040NR instead.)

If you'll give me a bit of time I'm going to alert the forum moderator to this thread. Hopefully they check in here at least daily still, seeing that the tax filing season is over. Fingers crossed we get some feedback before the weekend starts.

 

rjs Catalyst V
Catalyst V

Line on form 1040A 2014 Standard Deduction

The standard deduction amount shown on the Form 1040A is correct. You must have indicated that someone else can claim you as a dependent. As Carl pointed out, the note in the margin of Form 1040A says "People who check any box on line 23a or 23b or who can be claimed as a dependent, see instructions." The "regular standard deduction" of $6,200 is for a single person who cannot be claimed as a dependent. What the 1040A instructions, and Publication 929, tell you is that for a single person under 65 years old who can be claimed as a dependent, the standard deduction is earned income plus $350, up to a maximum of $6,200. Your earned income is $4,821, so your standard deduction is $4,821 + $350 = $5,171, which is the standard deduction shown on Form 1040A line 24.

Catalyst V

Line on form 1040A 2014 Standard Deduction

Just learned this from another.

There is no issue. The standard deduction amount on the 1040A is exactly correct for a dependent with the stated amount of earned income. For 2014 the standard deduction for a dependent under 65 years old is earned income plus $350, up to a maximum of $6,200. The OP reported wages of $4,821, and no other income. With such low income, he is almost certainly a dependent. $4,821 + $350 = $5,171, which is the standard deduction shown on 1040A line 24. The amount is correct.

12
Member I

Line on form 1040A 2014 Standard Deduction

Now i get it, thank you very much.

12
Member I

Line on form 1040A 2014 Standard Deduction

RSJ, i can be claimed as a dependent, in my form 1040A 2014 I have to check some box to declare to IRS that i am have been claimed as dependent in my parent's tax return?

rjs Catalyst V
Catalyst V

Line on form 1040A 2014 Standard Deduction

In TurboTax, in the Personal Info section, you have to check the box that says "Someone else can claim {your name} on their tax return."

 

You must have checked that box already, because it gave you the standard deduction for a dependent. If you had not checked the box it would have given you a standard deduction of $6,200 on line 24. So there is nothing more that you have to do.

 

On the actual Form 1040A, the box on line 6a is not checked. That shows that someone else can claim you.

12
Member I

Line on form 1040A 2014 Standard Deduction

Ok, thanks