The IRS Deductions Blog

Archive for the ‘Standard Deductions’ Category

Question: Am I wrong tax preparer vs me?

I am not sure if I am way off or my tax preparer.

I have checked multiple tax estimators, went through turbo tax twice as well as tax act and they are all saying a refund around $8000 , some higher some in the $7600 range. No tax program under $8000.

Please help me.

Married file joint
2 dependent children both under 6

Income:
spouse:32293 / 3107 withheld fed tax
me:0

1099-c 1400

Standard deduction not itemized

am i crazy?
Tax preparer has almost a $3000 difference
oh snap i forgot IRA contribution of 1990
Thank you all for your very quick answers!!!! It is greatly appreciated, and very frustrating at the same time. Especially because we have always used her lol… She came up with $5400 for fed. Should i tell her she is crazy and to rerun her numbers?
We are all legal us citizens with SS#’s born an raised

Answer: I come up with a refund of $7,592.

Taxable Income: $7,693
Tax: $769
Child Tax Credit: $769
Net Tax: $0

Additional Child Tax Credit: $1,231
EIC: $2,454
Making Work Pay: $800
Withheld: $3,107

Refund: $7,592

If your income stays the same, your spouse should change their W-4 to EXEMPT. You won’t owe any income tax until your income is close to $50,000 and you’re a long way from that. That will cut your refund by $3,000 next year but take home pay will rise by about $60 per week.

Edit: The IRA contribution kicks the refund up to about $8,086. I’ll skip the full calculation but that’s within striking distance.

If a preparer is off by $3,000, find another preparer! This one does not know what he or she is doing.

Items on Amazon Right Now for Standard Deduction Vs Itemized Deduction:

Difference Between Standard and Itemized Deductions

Items on Amazon Right Now for Standard Deduction 2008 Irs:

Red Tape: IRS snafu means refunds in limbo

An IRS glitch is holding up tax refunds for perhaps thousands of taxpayers for months.

How to Complete a 1040A Tax Form : How to File a 1040A as Head of Household

Question: Property Tax Deduction for Non-Itemized 2008 Return?

I’ve read that on my 2008 tax return, I can claim the lower of: The amount of property taxes we paid, or $1,000 (for married filing jointly).

My questions is, where do I enter this credit on my 1040 form? (What box number?)

I’m not itemizing our deductions. I actually did a Schedule A, but the standard deduction came out to be more for us, even with over $10,000 in medical/dental expenses last year!

I’ve searched Google, but can’t seem to find an answer to this question anywhere.

Any help you have would be greatly appreciated!

Thank you,

Answer: On Form 1040, it’s box 39c and line 40. On Form 1040A, it’s box 23c and line 24. You can’t use 1040EZ or 1040-NR. See pages 34-35 in Form 1040 Instructions and the worksheet (pages 32-33 in Form 1040A instructions).

Items on Amazon Right Now for Standard Tax Deduction Amount:

Leon’s Furniture Limited – 2011 FIRST QUARTER

Leon’s Furniture Limited – 2011 FIRST QUARTER

Senate Session 2011-04-12 (09:59:57-11:03:24)

Items on Amazon Right Now for 2009 Standard Deduction Married Jointly:

Last-minute O.C. tax help

It’s Tax Day and last-minute filers have until midnight tonight to get their state and federal income taxes filed. But don’t panic.  Here’s some help to ease the way:Post…

Items on Amazon Right Now for Tax Benefit Rule Standard Deduction:

Know your options if inheriting annuities

I find that most beneficiaries are unfamiliar with their options once they have inherited annuities, life insurance or IRA and other various retirement accounts. Most people are usually very careful to make sure that their beneficiary designations are up to date, but are themselves unsure what happens to their account once they die.

2010 Refinement of Income & Rent Rule & Eff Implementation of the PIH EIV Sys Trng-Part 2