ok, it's been a while since I had to do this myself. Here is the question: when figuring my standard deduction (filing jointly) how do I figure this. Do I just put in the amount or do I multiply it by the number of dependents we have? Lets say the standard is $10k and we have 5 children. How do I figure the deduction?
2007-04-02 10:37:13 · 2 answers · asked by dodiewayne 2 in Business & Finance ➔ Taxes ➔ United States
Married filing Joint has a standard deduction of $10,300.
your exemptions are $3,300 for each dependent and for you and your spouse. for $23,100
2007-04-02 10:54:45 · answer #1 · answered by Mark S 5 · 1⤊ 0⤋
The standard deduction is a flat amount depending on your filing status. For married filing jointly for 2006 it's $10,300. That's what you use, you don't multiply by anything.
For exemptions, you do multiply the number of exemptions by $3300. It says on the form what to multiply.
2007-04-02 11:13:04 · answer #2 · answered by Judy 7 · 2⤊ 0⤋