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allodode1
Returning Member

Hi, I earned 26k and wife 50k. Plus secicial security benfits AGI IS 119,600, taxable income 93,150 after standard deduction. Joint return n still pays 7k in taxes. How to reduce taxes?

 
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3 Replies
OpeA1
Employee Tax Expert

Hi, I earned 26k and wife 50k. Plus secicial security benfits AGI IS 119,600, taxable income 93,150 after standard deduction. Joint return n still pays 7k in taxes. How to reduce taxes?

Hello allodode1!

 

The best way to reduce taxes in your case is to look for any deductions ( will reduce your taxable income) or credits ( will reduce the tax owed) that you qualify for.  A big one is to take the itemized deduction as opposed to the standard deduction, if possible. Here is a link to possible deductions you may qualify for: https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/standard-deductio... 

 

I hope this helps.

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allodode1
Returning Member

Hi, I earned 26k and wife 50k. Plus secicial security benfits AGI IS 119,600, taxable income 93,150 after standard deduction. Joint return n still pays 7k in taxes. How to reduce taxes?

Turbotax determined that I am better off with standard deductions, so what else can I do to reduce the tax. I do have several rental properties,

the operation expenses of which I have already deducted to the maximum. What else can I do?

Hi, I earned 26k and wife 50k. Plus secicial security benfits AGI IS 119,600, taxable income 93,150 after standard deduction. Joint return n still pays 7k in taxes. How to reduce taxes?

Unfortunately, unless you actively involved in managing the property and perform over 750 hours of management service, any rental loss (passive) you incur on rental property is not tax deductible and deferred over time until you have passive rental income.

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