'Married filing jointly'. TurboTax shows 'Standard Deduction' of 29200 as our best option. What other deductions could we take to lower our taxes, right now at 22%

[JohnB5677]

To qualify for additional tax credits or higher deductions you would be required to 

• have children for credits, or 
• a home and mortgage. medical expenses, state taxes and other things for additional deductions

However, you may qualify for the Earned Income Credit.

Who qualifies for the Earned Income Tax Credit (EITC)

You can preview your tax return by going to:

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
   1. Tip: If you don't see the dropdown for Tools,
   2. Minimize the federal and state options using the down arrow.
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. The Earned Income Credit is on line 27

[NCperson · Accepted solution]

At this late date,  you could make a pre-tax contribution to a Trad IRA  or a contribution to an HSA (if you are eligible for either)... any contribution would need to occur by April 15 to impact 2024 taxes.  

There isn't a way to create itemized deductions for 2024 at this time; that would have had to occur by Dec 31. 

@iqayyum68 

[iqayyum68]

Thanks for your response but due to high ADI (Adjusted Gross Income) we were not eligible to make an IRA contribution to lower our taxes.

Also, we don't have option of contributing to HSA since we are not on a high deductible plan.

I am looking for other options such as contributions to 529, or similar.

Any recommendations ?

[VolvoGirl]

It's probably too late to do anything for 2024.  Just work on reducing next year's 2025 taxes.   And ps... Adjusted Gross Income is called AGI.

[iqayyum68]

Volvo-Girl,

This is what I am trying to figure out how to lower my taxes for 2025

Our AGI, income, deductions, everything is going to be same as in tax year 2024

I don't want to be in the same tax situation as in 2024

[Mike9241]

there is a tax bill before Congress so this could affect you in 2025. Other than your tax bracket we know nothing about your tax situation so suggesting things is difficult. Contribution to a 529 plan is not deductible for federal purposes but some states do allow it.   Possibly a reasonable option would be to buy a home or upgrade. However, form a practical perspective, you have to part with $1 to save 22 cents in taxes as the law now stands. 

You may want to sit down with a tax advisor once the tax bill passes for advice that fits your situation.