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Level 2

Deductions

Before I start going to all of the trouble of calculating my potential deductions what is the amount that I need before  they start to count.  I have no debt, no mortgage, maybe $7,000.00+ in Medical and Medical insurance.  My property taxes are about $6,000.00.  My wife and I are both in our 70's.  I have been told that if our deductions don't total over $22,000.00 or more that I don't needed to calculate them because I won't qualify for any.  Our income consist of about $36K from Social Security, $30K from forced IRA distribution and $60K from long term investment dividends and sales of long term shares of stock etc.  I hate to take my time adding up all my medical expenses, charitable contributions taxes if it not going to help. 

 

Is this something you can help me with.  I would rather be setting on the beach reading a book drinking a beer and living the good life and not looking at a bunch of old medical bills etc.  I got all the records it is just a royal pain to go them if I don't need to extra work.

 

Hope to hear from you soon and thanks for your help,

 

Bill W.

1 Best answer

Accepted Solutions
Level 15

Deductions

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

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

View solution in original post

2 Replies
Level 15

Deductions

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

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

View solution in original post

Level 2

Deductions

Thanks, you have made my life much easier.  There is no way that I have anywhere near the standard deductions so I won't be filing a Schedule A. 

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