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.
You'll need to sign in or create an account to connect with an expert.
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
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
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ahmad-hashem-net
New Member
karlameyer
Level 1
BobK59
Level 2
kyle-williams-ny
New Member
Noxlord1234
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.