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How can we reduce our net federal taxes due after completing our 2019 fed tax return?

Our net federal taxes due is >$1,300.  Want to find out if there are any options to further reduce this balance due?
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2 Replies
CatinaT1
Expert Alumni

How can we reduce our net federal taxes due after completing our 2019 fed tax return?

This TurboTax article might help.  https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/7-best-tips-to-lower-your-tax-bill-f...

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Anonymous
Not applicable

How can we reduce our net federal taxes due after completing our 2019 fed tax return?

be very careful when you review TT recommendations.  charitable contributions made in 2020 are not deductible in 2019.  to contribute to an HSA you or your spouse must be covered by a high deductible health plan on 12//1/19. to make maximum contribution one of you must have family coverage.  there are other limitations.  harvest tax losses - losses occurring in 2020 can't be deducted on 2019 return. there are other omissions of necessary details on the link.    poor TT advice since it doesn't provide full details of what you need to do and what your situation must be to qualify.   

we can't see your return.   look at the TT suggestions but research what must be done to qualify or post further questions in this thread.  Otherwise you may do something which will produce no tax benefit or only benefit you in 2020

 

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