the forms are pretty confusing now, if they were not already bad enough before.
You get the standard Deduction if your itemization comes out to be less than that.
Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend because a TurboTax update changes your return.
I still am not clear on how to find out what this dollar amount is. Are you saying that it has already been calculated in form the beginning, or do I need to wait until I submit the form to actually know the true number? Thanks.
the forms are pretty confusing now, if they were not already bad enough before.
You get the standard Deduction if your itemization comes out to be less than that.
Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend because a TurboTax update changes your return.
Thank you for this, as it makes it slightly clearer and less stressful. So if we gross 85000.00, we are only taxed for the minus the $24,000. which is $61000. in the 22% bracket. so we would be taxed for the $61000. (around $13420.00) And If our deductions are around 12,000...) then we would be wise to take the standard deduction, correct?
The standard deduction is used as the default deduction. The calculations are based on the standard deduction from the beginning after you enter your personal information (name, marital status, dependents) up until the point you enter itemized expenses that are greater than your standard deduction.