The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Annual Income Taxes Done||Date: 3/20/2013 2:49 PM|
|Author: pauleckler||Number: 18302 of 19551|
TurboTax ends up saying they are applying the Standard Deduction, which is "better"!
Property taxes and or mortgage interest are usually the deductions that qualify you to itemize. Once you qualify, charitable deductions are easy.
In the days of big insurance payments or dental disasters, medical deductions were possible but usually small after a big threshold. This year for the second time I did not qualify. Less than the 7% agi.
Investment costs, research costs, and job related costs are also deductible, but I have trouble making the threshold.
Of course if you live simply and have none of those things to worry about, standard deduction saves lots of paperwork and hassles.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|