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Level 1
Feb 24, 2022 11:59 PM UTC
Question

So confused - deductions

I only had 3 places with 1099 Misc income for a total of $572, one being only $16, BUT adding that whopping $16 changed $0 owed to $3 owed (I don't want to send a check or use a credit card for $3 lousy dollars). Literally changing it by a few dollars made it $0 again but I obviously have to put in all my 1099 Misc income. I also added my property tax which then told me I had "maxed out" at the $10,000 deduction so that NONE of my other deductions seem to matter. Why can't I put in more deductions? And is there anything I can add, change, etc?

    2 replies

    Alumni - Intuit
    Feb 25, 2022 12:20 AM UTC

    Whether or not you can put in more deductions depends on your income and your expenses.  The State and Local Tax deduction does max out at $10,000 regardless of your income.  

     

    Medical expenses are only deductible for the amount in excess of 7.5% of your AGI.  So, if your AGI is $100,000, only your medical expenses over $7,500 will count towards your Itemized Deductions.

     

    Did you enter all of your charitable contributions?  If you are itemizing your return, you may deduct cash contributions up to 100% of your AGI to Qualifying Charitable Organizations.

     

    Did you enter any gambling winnings?  If so, you can deduct your gambling expenses/losses on your Schedule A up to the amount of your winnings. 

     

    Another reason it may not change anything could be the type of income on the 1099.  If it was Self-Employment Income, the $3 could be Self-Employment tax.  If this is the cause, you can not erase this with Itemized Deductions.  If it is SE tax, you can see this number on line 4 of your Schedule 2.  

     

    You can view your Schedule 2 by clicking the following:

    • Tax Tools
    • Tools
    • View Tax Summary
    • Preview My 1040
    • Scroll down until you get to your Schedule 2
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    fanfare
    Level 15
    Feb 25, 2022 12:24 AM UTC

    Did you be nice and put some bucks in the Salvation Army bucket at Christmas time.?

    It's deductible.