topic Where can I put my receipts for all my out of pocket expenses for the year?? please help in Deductions & credits

Where can I put my receipts for all my out of pocket expenses for the year?? please help

Paul1990 — Tue, 04 Jun 2019 00:17:29 GMT

Receipts for what out of pocket expenses? For what purpose?

xmasbaby0 — Tue, 04 Jun 2019 00:17:31 GMT

Receipts for what out of pocket expenses? For what purpose?

For what? Like Medical? Do you think you will have enou...

VolvoGirl — Tue, 04 Jun 2019 00:17:32 GMT

For what? Like Medical? Do you think you will have enough to itemize this year? This year the Standard Deduction will be doubling so many people will be switching to the Standard Deduction. And there is a max 10,000 limit (5,000 MFS) of property tax and state taxes "SALT". And you can only deduct Medical that’s over 7.5% of your AGI. Also the deduction for job expenses have been suspended.

FAQ on 2018 changes <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return</a>

For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind

for like gas, food, groceries etc. you know?

Paul1990 — Tue, 04 Jun 2019 00:17:34 GMT

for like gas, food, groceries etc. you know?

You do not enter those. Those are personal expenses--not...

xmasbaby0 — Tue, 04 Jun 2019 00:17:36 GMT

You do not enter those. Those are personal expenses--not deductible.

ohh wow so I can not put those in anywhere for personal e...

Paul1990 — Tue, 04 Jun 2019 00:17:37 GMT

ohh wow so I can not put those in anywhere for personal either? I was told you can claim them that's why I save receipts??

what receipts do you keep then??

Paul1990 — Tue, 04 Jun 2019 00:17:39 GMT

what receipts do you keep then??

Are you referring to the deduction for sales tax? That w...

xmasbaby0 — Tue, 04 Jun 2019 00:17:40 GMT

Are you referring to the deduction for sales tax? That would be the only reason to keep receipts for everything you purchased. Sales tax is an itemized deduction and will not have any effect all all if you are not also entering other big ticket deductions like mortgage interest and property tax. You are posting from the Free Edition which does not support itemized deductions.

Sales tax is an itemized deduction. If your state has a state income tax, you have to choose between using the deduction for your state tax paid OR the sales tax deduction, whichever is higher. The TT process will suggest one or the other as you prepare your return.

“Major purchases” that you can enter for the sales tax deduction include:

Motor Vehicles (cars, trucks, motor homes, RV’s, sport utility vehicles and off-road vehicles

Aircraft or boats

Mobile homes

Manufactured housing

Building materials for major home improvements

You cannot deduct: furniture, jewelry, home electronics such as TV’s or computers

https://ttlc.intuit.com/questions/1901222-which-deduction-should-i-choose-sales-tax-or-income-tax

https://ttlc.intuit.com/questions/2566624-how-much-sales-tax-did-i-pay-last-year

https://ttlc.intuit.com/questions/3148443-how-do-you-define-major-purchase-or-major-item-for-the-sales-tax-deduction

https://ttlc.intuit.com/questions/1900791-how-do-i-find-my-local-sales-tax

https://ttlc.intuit.com/questions/2566624-how-much-sales-tax-did-i-pay-last-year

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income. It is not a refund

2018 Standard Deductions:

Single $12,000 (+ $1600 65 or older)

Married Filing Separately $12,000 (+ $1300 65 or older)

Married Filing Jointly $24,000 (+ $1300 each spouse 65 or older)

Head of Household $18,000 (+ $1600 65 or older

Look at line 8 of your Form 1040 to see your standard or itemized deductions.