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garciaj1990
New Member

Does turbo tax pay me for mileage or my company... is it in the same check

 
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

Does turbo tax pay me for mileage or my company... is it in the same check

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, job-related expenses, casualty and theft losses, for example, must meet thresholds that are 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. Here are the Standard Deductions for 2017

Your standard deduction lowers your taxable income.  It is not a refund 

2017 Standard Deductions

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly           $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)


Look on line 40 of your Form 1040 to see your itemized deductions

**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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7 Replies
Carl
Level 15

Does turbo tax pay me for mileage or my company... is it in the same check

Do you work for TurboTax? Or did they hire you as a sub-contractor to so something for them?  If not, I can't see any reason that TurboTax would pay you for anything, unless you have a valid substantiated claim for a tax return that falls under the 100% Accuracy Guarantee.
garciaj1990
New Member

Does turbo tax pay me for mileage or my company... is it in the same check

I guess my question was not detailed i did not work for turbo tax i worked for pop a lock im just curious as to why im not getting reimbursed for any of my mileage maybe  im not understanding. But it says i get a deduction of 3601 when my mileage says it totals to 25000 its just my first time so i am trying to understand.
xmasbaby0
Level 15

Does turbo tax pay me for mileage or my company... is it in the same check

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, job-related expenses, casualty and theft losses, for example, must meet thresholds that are 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. Here are the Standard Deductions for 2017

Your standard deduction lowers your taxable income.  It is not a refund 

2017 Standard Deductions

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly           $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)


Look on line 40 of your Form 1040 to see your itemized deductions

**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.**
garciaj1990
New Member

Does turbo tax pay me for mileage or my company... is it in the same check

Thank you for your help bit i have one more question my company said they reimburse us through mileage so my mileage is not a reimbursement.
xmasbaby0
Level 15

Does turbo tax pay me for mileage or my company... is it in the same check

If the total of all of your itemized deductions is not more than the amount of your standard deduction, then the mileage you entered cannot change anything.  If you do not have any other "big ticket" deductions like mortgage interest, or property tax, then itemizing deductions does not help you.
**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.**
xmasbaby0
Level 15

Does turbo tax pay me for mileage or my company... is it in the same check

If your employer says they will reimburse you for mileage then you need to have a discussion with your employer.
**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.**
Carl
Level 15

Does turbo tax pay me for mileage or my company... is it in the same check

Keep in mind that if your employer does reimburse you for mileage, the amount reimbursed is traditionally included in the amount of your wages shown in box 1 of the W-2. But still, if your itemized deductions don't exceed your standard deduction, then it makes no difference on your tax liability.
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