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Did you prepare your own income tax return this year?

if yes did you calculate your own "deductions"

 
Anonymous

Asked by Anonymous at 9:40 PM on Apr. 16, 2009 in Politics & Current Events

This question is closed.
Answers (45)
  • Yes, I prepared our taxes...I used the standard deduction. I went to our tax office on our military instillation first and they were going to screw us over...they were using the wrong form ( they were using 1040-A when 1040 needed to be used because I have to also file a form to exempt me from federal taxes) and wouldn't listen to anything i had to say (said we were only getting $60 back, which was impossible since we had a child in 2008).
    mag12305cmg

    Answer by mag12305cmg at 11:34 PM on Apr. 16, 2009

  • no my lawyer did
    Anonymous

    Answer by Anonymous at 9:41 PM on Apr. 16, 2009

  • hrblock
    Anonymous

    Answer by Anonymous at 9:43 PM on Apr. 16, 2009

  • I pay $300 for someone to do it.
    Anonymous

    Answer by Anonymous at 9:45 PM on Apr. 16, 2009

  • For our family the "standard deduction" was 11,400 no we did not calculate our own deduction
    Anonymous

    Answer by Anonymous at 9:47 PM on Apr. 16, 2009

  • Just because you may elect to itemize your deductions doesn't always mean you should. The standard deduction is likely to be close to what your itemized deductions would be, on average, and is a heck of a lot easier to calculate.
    Anonymous

    Answer by Anonymous at 9:48 PM on Apr. 16, 2009

  • There are a number of allowable deductions:

    * Medical expenses, to the extent that the expenses exceed 7.5% of the taxpayer's AGI. (e.g., a taxpayer with an AGI of $20,000 and medical expenses of $5,000 would be eligible to deduct $3500 of their medical expenses ( 20,000 X .075 = 1500; 5000 - 1500 = 3500 ).) The 7.5% floor means that most taxpayers are unable to take advantage of the medical expense deduction. Allowable medical expenses include:
    o Payments to doctors, dentists, surgeons, chiropractors, psychologists, counselors, physical therapists, osteopaths, podiatrists, home health care nurses
    o Premiums for medical insurance (but not if paid by another, or with pre-tax money)
    o Premiums for qualifying long-term-care insurance, depending on the taxpayer's age
    o Payments for prescription drugs and insulin
    (cont)
    Anonymous

    Answer by Anonymous at 9:51 PM on Apr. 16, 2009

  • (cont)



    * Payments for devices needed to treat or compensate for a medical condition (crutches, wheelchairs, prescription eyeglasses, hearing aids)
    * Mileage for travel to and from doctors and medical treatment
    * Necessary travel expenses
    * Non-deductible medical expenses include:
    o Over-the-counter medications
    o Health club memberships (to improve general health & fitness)
    o Cosmetic surgery (except to restore normal appearance after an injury or to treat a genetic deformity)

    # State and local taxes paid, including:

    * Income taxes (or, alternatively, state and local general sales taxes[2])
    * Property taxes (assessed by reference to the value of the property)

    (cont)
    Anonymous

    Answer by Anonymous at 9:53 PM on Apr. 16, 2009

  • (cont)

    Charitable contributions to allowable recipients; this deduction is limited to either 30% or 50% of AGI, depending on the characterization of the recipient. Donations can be made as money, or in the form of goods. The value of donated services cannot be deducted as a contribution. Reasonable expenses necessary to provide donated services can, however, be deducted (such as mileage, special uniforms, or meals). Non-cash donations valued at more than $500 require special substantiation on a separate form. Non-cash donations are deductible at the lesser of the donor's cost or the current fair market value. Eligible recipients for charitable contributions include:

    * Churches, synagogues, mosques, other houses of worship
    * Federal, state, or local government entities
    * Fraternal or veterans' organizations

    (cont)
    Anonymous

    Answer by Anonymous at 9:54 PM on Apr. 16, 2009

  • (cont)

    * Casualty and theft losses, to the extent that they exceed 10% of the taxpayer's AGI (in aggregate), and $100 (per event, $500 starting tax year 2009)
    * Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income of $200. By contrast, a person who wins $3,000 in various gambling activities during the year and loses $3,500 in other gambling activities in that year can deduct only $3,000 of the losses against the $3,000 in income, resulting in a break-even gambling activity for tax purposes for that year -- with no deduction for the remaining $500 excess loss.)

    Anonymous

    Answer by Anonymous at 9:54 PM on Apr. 16, 2009

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