What to report/ and Not report on taxes if not itemizing deductions?

[Sandyjb555]

First time ever filing my own taxes, It looks like the last few years we took the standard deduction instead of Itemized. So now I have all of this information and tax forms I got organized, and No idea which parts of it I even need to enter into our tax filing if we are not itemizing. Please tell me which ones below I do or do not need to report if not itemizing our deductions.

1. Report Mortage Interest/ Property Taxes paid (received form 1098 Mortgage Interest Statement and Real Estate Taxes Paid info from bank lender for our mortgage.)

2. Report Student Loan Interest we paid (we received a tax form 1098E regarding our Interest paid on school loans) 

3. Report our HSA (Health Savings Account) distributions (we received a tax form 1099SA) and were told this is reported on Federal Form 8889.

4. Report Interest Income (from any bank accounts) 

5. Report any "Dividend Income" (we did receive a 1099-DIV)

[Sandyjb555]

Ran out of space, I asked this question after another user asked about reporting their Mortage Interest and property taxes, and somebody answered: "If you are not itemizing you don't need to report that stuff". Then it left me wondering what else am I not suppose to report. I assumed when you receive any tax form from anybody, by law you must report it. I am not trying to omit or hide anything, but don't want to be typing in info that is not supposed to be entered in my case either.  My husband has W2, I sell a couple paintings a year so we need to use self employed version as I have a business with inventory and I need to fill out schedule C. Other than that the stuff I listed above is really all that pertains to our situation.

[KennethB]

You would want to enter all of your information into the program to determine whether your itemized deductions are greater than your standard deduction, in which case itemizing would be more beneficial to you. Based upon the information that you enter to the questions asked, the program will calculate the most beneficial tax outcome for you! 

Your tax situation can change from year to year, so you want to make sure that you look at everything to make sure you take advantage of all applicable deductions and have the most beneficial outcome.  

To answer the specifics of your question, you will report student loan interest, HSA, interest income, and dividend income whether you are itemizing deductions or not.  You will not report the mortgage interest/property taxes paid on form 1098 if you are not itemizing.  However, the mortgage interest and property taxes are generally what allows most taxpayers to itemize, and opens up numerous other deductions such as medical expenses, state sales/income tax, charitable contributions, casualty losses, and miscellaneous itemized deductions (to name a few) that you would not be deducting by taking the standard deduction.

For more information, please refer to IRS Tax Topic Number: 501 - "Should I Itemize?" at the following link:  https://www.irs.gov/taxtopics/tc501

 

[Sandyjb555]

So basically, go through all steps, look up all forms and enter every bit of information, and then turbotax just decides for me whether we are itemizing or taking standard deduction? I didnt know if it came out and asked "are you itemizing your deductions?" And I honsetly didnt know what the answer would be. But for whatever reason the last 6 years we took the standard when someone else did our taxes through turbotax.  So lets say I Do enter the information for the Mortgage Interest and Property taxes but then turbotax decides I should not itemize the deductions. Does it just omit that info I entered in for the Mortgage and Real Estate Taxes paid?  And also if that is the case will it automatically plug in the standard deduction amount we are qualified for, or do I have to go back and find how to do that myself?

[VolvoGirl]

Yes you should enter everything in.  Turbo Tax starts out by giving you the Standard Deduction automatically.  Then if you enter more Itemized Deductions it will switch you.  But if you know for sure you dont have enough to Itemize you really don’t have to enter them.

For 2017 the standard deduction amounts are:
Single 6,350 + 1,550 for 65 and over
HOH 9,350 + 1,550 for 65 and over
Joint 12,700 + 1,250 for each 65 and over
Married filing Separate 6,350 + 1,550 for 65 and over

[Sandyjb555]

OK, I just found a tax calculator that tells you if you should itemize or not, and turns out  taking the standard deductions will be 2000.00 more. So we will not want to itemize.  In your first response you said "you will report student loan interest, HSA, interest income, and dividend income whether you are itemizing deductions or not.  You will not report the mortgage interest/property taxes paid on form 1098 if you are not itemizing."   Then in your newest answer you said if you already know you dont have enough deductions to itemize then you really don't have to enter "them". To clairfy though, I do still have to Student Loan interest, HSA, interest income, and dividend income.  The only thing I don't need to enter at that point is the Mortgage Interest and Property taxes Paid. I just want to be extra sure, and thank you for your help and patience with me.

[VolvoGirl]

The student loan interest, HSA, interest and dividend income are not itemized deductions.  You have to enter those.  

Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car registration fees, etc.  To itemize your deductions you use Schedule A.  Here's a blank one…
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/f1040sa.pdf">http://www.irs.gov/pub/irs-pdf/f1040sa.pdf</a>

[trueboat]

This is too stupid. I don't have a 1098 and I know we are not going to itemize. TT keeps asking me to fill in the mortgage interest from the 1098 when I only have the number on the December statement from the lender.  It won't let me put in the number. 

Waste of time! Dumbed down program - not smart software. 

(Lender's website is down too so I can't get a digital 1098 and what for anyway?)

So I'll just put zero and maybe I won't buy this software again this year.