topic Re: Deductions in Get your taxes done using TurboTax

Deductions

billyfrediii — Mon, 24 Feb 2020 18:03:28 GMT

Before I start going to all of the trouble of calculating my potential deductions what is the amount that I need before they start to count. I have no debt, no mortgage, maybe $7,000.00+ in Medical and Medical insurance. My property taxes are about $6,000.00. My wife and I are both in our 70's. I have been told that if our deductions don't total over $22,000.00 or more that I don't needed to calculate them because I won't qualify for any. Our income consist of about $36K from Social Security, $30K from forced IRA distribution and $60K from long term investment dividends and sales of long term shares of stock etc. I hate to take my time adding up all my medical expenses, charitable contributions taxes if it not going to help.

Is this something you can help me with. I would rather be setting on the beach reading a book drinking a beer and living the good life and not looking at a bunch of old medical bills etc. I got all the records it is just a royal pain to go them if I don't need to extra work.

Hope to hear from you soon and thanks for your help,

Bill W.

Re: Deductions

DoninGA — Fri, 21 Feb 2020 15:24:58 GMT

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2019

Single - $12,200 add $1,650 if age 65 or older
Married Filing Separately - $12,200 add $1,300 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,650 if age 65 or older

Re: Deductions

billyfrediii — Mon, 24 Feb 2020 13:55:47 GMT

Thanks, you have made my life much easier. There is no way that I have anywhere near the standard deductions so I won't be filing a Schedule A.