topic Re: I need a schedule A form I don't know what to do in Business & farm

I need a schedule A form I don't know what to do

mairairivera — Wed, 23 Sep 2020 15:17:00 GMT

I need help

Re: I need a schedule A form I don't know what to do

DoninGA — Wed, 23 Sep 2020 15:22:04 GMT

A Federal Schedule A is only needed if your TOTAL itemized personal deductions are greater than your Standard Deduction for your filing status.

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

Why do you think you need a Schedule A?

Re: I need a schedule A form I don't know what to do

Carl — Wed, 23 Sep 2020 21:19:46 GMT

A SCH A is only required **IF** the total of your itemized deductions exceeds your standard deduction. A SCH A is not, and will not be produced otherwise, as there is no need for it. However, you can "FORCE' the program to use the SCH A if you desire. However, that means if your itemized deductions are less than your standard deduction, then your tax liability to the IRS *WILL* *BE* *HIGHER*.

If a prospective lender is asking for your SCH A, and they refuse to believe this, then by all means refer them to IRS Tax Topic 501 at https://www.irs.gov/taxtopics/tc501

Then refer them to line 9 of your 1040 tax return. If the amount entered on that line is "*EQUAL TO* your standard deduction, then you did not itemize and were not required to. If the amount on line 9 is *GREATER* than your standard deduction, then you *DID* itemize and a SCH A was automatically included in your filed tax return.

There are some situations where a tax filer MUST itemize regardless of the amount of their standard deduction. It's most common if a married person is filing a separate return and their spouse has already itemized deductions.