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I am preparing my taxes using TurboTax and I have a number of tax deductions related to particular job related expenses, tax preperation fees and investment expenses but when they are added together still do not meet the minimum 2% AGI requirment to be deducted.

I have already enter my charitable contributions, mortgage interest, property taxes and vehicle registration fees and have received deductions for those.

Should I enter the job related expenses, tax preperation fees and investment expenses even though they will not help me lower my tax bill or should I leave those blocks blank?

What are the pro's and con's of entering information that does not lower my tax bill and can be scrutinized by the IRS?

Thanks for the help!

Sean
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Should I enter the job related expenses, tax preperation fees and investment expenses even though they will not help me lower my tax bill or should I leave those blocks blank?

What are the pro's and con's of entering information that does not lower my tax bill and can be scrutinized by the IRS?


I hate to disappoint you, but there are much more interesting things on your return for the IRS to look at than those that don't affect the bottom line. If you've already input them leave them. If you reached your conclusion by eyeballing them or adding them up elsewhere, don't bother inputting them.

Phil
Rule Your Retirement Home Fool
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I am going to take a different approach than Phil - enter them. Many states give you a deduction for these items even if the FED will not.

Dusty
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I am going to take a different approach than Phil - enter them. Many states give you a deduction for these items even if the FED will not.

I would also include them, but for a different reason. If you use transfer your 2010 data to your 2011 tax software next year, the software might remind you to look for those expenses.

Ira
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Many states give you a deduction for these items even if the FED will not.

This is especially true for Medical Deductions where the Feds have a 7.5% threshold and some states allow your full medical deductions. Having that info shown on the Fed Sch A allows that data to be seamlessly transferred to your state tax return using most tax preparation software.

Best Regards,

Rich
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