I added a theft but my refund didn't change, why?

christracey05 · ‎May 31, 2019

so i had a theft in the amount of about 550 and when i entered it, my refund didn't change. why is that?

Zbucklyo · ‎May 31, 2019

Most likely because a casualty loss that low will almost always have no impact on your tax return. Casualty losses are handled by first deducting $100, then applying a 10% of AGI threshold. So, in your case, your AGI would have to be below $4500 ($550 - $100) * 10 for you to get an itemized deduction from the loss. In addition, the total of all your itemized deductions would have to be greater than the standard deduction for your filing status to have an impact.

View solution in original post

Zbucklyo · ‎May 31, 2019

Most likely because a casualty loss that low will almost always have no impact on your tax return. Casualty losses are handled by first deducting $100, then applying a 10% of AGI threshold. So, in your case, your AGI would have to be below $4500 ($550 - $100) * 10 for you to get an itemized deduction from the loss. In addition, the total of all your itemized deductions would have to be greater than the standard deduction for your filing status to have an impact.

I added a theft but my refund didn't change, why?