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Even after entering property tax (main home and real estate) I paid in 2016, my federal tax amount did not change. Thaks
Even after entering property tax (main home and real estate) I paid in 2016, my federal tax amount did not change at all. I use Premier version. Please help
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Even after entering property tax (main home and real estate) I paid in 2016, my federal tax amount did not change. Thaks
That could be for a couple of reasons,
1) the amount of itemized deductions that you have entered so far is still less than your standard deduction.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
OR
2)
That could be an indication that your income is high enough that you are subject to the Alternative Minimum Tax. When you are subject to the AMT, many ordinary deductions such as property tax don't work any more. They reduce your ordinary income tax, but are added back to your AMT income and there is no net change in tax. Once you are subject to the AMT, there is no way around it.
https://www.irs.gov/pub/irs-pdf/f6251.pdf
1) the amount of itemized deductions that you have entered so far is still less than your standard deduction.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
OR
2)
That could be an indication that your income is high enough that you are subject to the Alternative Minimum Tax. When you are subject to the AMT, many ordinary deductions such as property tax don't work any more. They reduce your ordinary income tax, but are added back to your AMT income and there is no net change in tax. Once you are subject to the AMT, there is no way around it.
https://www.irs.gov/pub/irs-pdf/f6251.pdf
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Even after entering property tax (main home and real estate) I paid in 2016, my federal tax amount did not change. Thaks
That could be for a couple of reasons,
1) the amount of itemized deductions that you have entered so far is still less than your standard deduction.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
OR
2)
That could be an indication that your income is high enough that you are subject to the Alternative Minimum Tax. When you are subject to the AMT, many ordinary deductions such as property tax don't work any more. They reduce your ordinary income tax, but are added back to your AMT income and there is no net change in tax. Once you are subject to the AMT, there is no way around it.
https://www.irs.gov/pub/irs-pdf/f6251.pdf
1) the amount of itemized deductions that you have entered so far is still less than your standard deduction.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
OR
2)
That could be an indication that your income is high enough that you are subject to the Alternative Minimum Tax. When you are subject to the AMT, many ordinary deductions such as property tax don't work any more. They reduce your ordinary income tax, but are added back to your AMT income and there is no net change in tax. Once you are subject to the AMT, there is no way around it.
https://www.irs.gov/pub/irs-pdf/f6251.pdf
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