BobW76
Level 1
02-24-2021
10:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My reading of the current tax law is that an individual is entitled to an above the line deduction of $300 deduction and a married couple is entitled to a $600 above the line deduction yet when I put the $600 in the software rejects it. Who is right?
Bob
Labels
TaxGuyBill
Level 15
02-24-2021
10:34 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The law for 2020 says $300, even for joint returns.
The law for 2021 says $300 for Single and $600 for Joint.
Level 15
02-24-2021
10:51 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Current law, for 2021, that is true. For 2020, the max is $300.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15
02-24-2021
11:16 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Your reading is correct since it is 2021 and the current tax law for 2021 is $600. However, the software is dealing with old tax law which was $300. Congratulations - you are both correct!
Slava Ukraini!