Hi my name is dave. After calculating my 2020 taxes, I owe the IRS $9300 in taxes. TT thought my best deduction option was the standard deduction. Now I am wondering if I should go back and look at the itemized deductions calculations. I am filing married joint. For 2020, my wife and I started receiving SS benefits when I lost my job. So I also started receiving unemployment. On top of that we decided to take money from the 401K and payoff the mortgage. So (it's my fault I know) I neglected to calculate all this income. For the last six months of 2020 we were on the affordable health care coverage. So, because I did not make updates to my income, it turns out we did not qualify for federal subsidies and we owe those monies back. So a couple of questions. In itemizing, we will have real estate taxes and some mortgage interest. Can I deduct the payments we made to the healthcare premiums and what the plan says I owe back as medical expenses? And I assume I will have to pay an underpayment penalty... true? I have the money to pay the IRS but am thinking to pay by credit card to get the points.. but I see the IRS charges 2% for CC payments. What is the best method for paying this amount? Thanks for all your help and consideration. Also I saw, TT is waiting for updates concerning the 3rd stimulus bill and affects to unemployment, so I will wait for those updates before filing.
