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coldsoldier44
New Member

Can someone still help me with 2018 taxes on 4-15-2019?

I started it, but I don’t know my deductions we can still use. I have a college 21 year old son and an 11th grader. We had to pay our health insurance in 2018 plus homeowner and purchased a new car in 2018. Please let me know if tomorrow 4-15-2019 is to late for y’all help?
1 Reply
xmasbaby0
Level 15

Can someone still help me with 2018 taxes on 4-15-2019?

You can claim both your kids as dependents.  You can claim the education credits for the college kid on your own return. If college kid had a job and files a return he must say on his own return that he can be claimed as someone else's dependent. 

Education credits are not the same as itemized deductions.

https://ttlc.intuit.com/questions/1901172-what-education-tax-credits-are-available 

If you paid out of pocket for medical insurance it is a deductible expense but it is REALLY hard to have enough medical expenses to "count" since only the medical expenses that are over 7.5% of your adjusted gross income even matter.  

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses


Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2018.  You should have a 1098 from your mortgage lender that shows this information.


It is going to be very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher.  Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.  

Standard Deduction
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. 

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)

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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