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2 Answers

Can I take the 5800 deduction and have a 3500 exemption on my taxes?

Asked by: lpliskin 597 views YA Discussion

I am a little confused. I am doing my taxes online and it says $ 5800 deduction and below it says $ 3500 exemption. Is that right? I thought you could only have 1 or the other. I am doing it free with H and R block so I can’t really ask them questions.

2 Answers

  1. Quick Answers on Apr 17, 2012 Reply

    Two different either/ors.

    Unless you are a dependent, you always get the $ 3700 exemption.

    The $ 5800 is the standard deduction. Citizens and residents can chose it or they can itemize. (Non-residents must itemize.)

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  2. tro on Apr 17, 2012 Reply

    if you are single, no dependents your personal exemption is $ 3700, and your standard deduction is $ 5800
    if you are a dependent you cannot claim the $ 3800 personal exemption

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