Follow the flow of the TurboTax product. The software guides you through the process of preparing the tax return. See this TurboTax Help.
Every taxpayer is permitted to use a Standard Deduction. For a Single taxpayer in 2024 the Standard Deduction is $14,600. However, you may choose to Itemize Deductions. In most cases, taxpayers claim itemize deductions because the deductible expenses exceed the Standard Deduction. See this TurboTax Help.
Which is better, filing married filing jointly or married filing separately depends upon the circumstances within your tax return and the issues surrounding the tax partners. See this TurboTax Help.
A 401(K) is a pension plan managed by your employer. You have no control over the features that the employer offers for the pension plan.
A Roth IRA is a pension plan is established by the taxpayer and managed by the taxpayer. There is no deduction on the current year's tax return for deposits into a Roth IRA. See this TurboTax Help.
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