But this strategy can leave you ahead whether or not you normally itemize deductions or not.
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Q-10: Can a registered domestic partner itemize deductions if his or her partner claims a standard deduction?
You may not itemize deductions if you use the federal form 1040EZ: you must claim the standard deduction.
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The IRS admits that it will take over 22 hours to complete current forms if you itemize deductions and have some investment income-three hours more than last year.
Gifts of IRA assets often make sense if the donor doesn't itemize deductions, has few or no liquid assets outside the IRA, or is concerned about minimizing adjusted gross income.
If you file a Schedule A meaning you itemize deductions or if you claim above-the-line deductions for higher education tuition and fees or educator expenses, the IRS is asking you to wait until mid- to late-February 2011 to file.
For 2012 (the tax return due this coming April), if you itemize deductions on Schedule A of a 1040, you can deduct eligible medical expenses to the extent they exceed 7.5% of your adjusted gross income (AGI).
You may not itemize deductions on a form 1040-A. You may claim some credits using the form 1040-A, including the child tax credit, education credits, earned income credit, credit for child and dependent care expenses, credit for the elderly or the disabled and the American Opportunity Credit.
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Last year after the Haiti earthquake, Congress passed a law to let folks who gave to Haiti relief efforts through March 1, 2010, the option of taking a deduction for the charitable contribution on either their 2009 or 2010 tax return (this applies to folks who itemize deductions, instead of taking the standard deduction).
Medical expenses are deductible on a Schedule A if you itemize your deductions (only about one-third of all taxpayers will opt to itemize rather than claim the standard deduction).
Borrowers can deduct the interest payment from their federal taxes if they itemize their deductions.
Because the MID is available only to the one third of taxpayers who itemize their deductions.
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If you do itemize your deductions, you must be able to document your losses.
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When the only reason you itemize your deductions for federal taxes is due to your mortgage.
One good thing is that the interest can be tax deductible for most taxpayers who itemize their deductions on their tax return.
Which tax bracket are you in, and do you itemize your deductions?
The easy part first: my parents itemize their deductions so my parents can deduct the expenses they pay for medical care which exceed 7.5% of their adjusted gross income.
And even pros can miss potential savings: A recent General Accounting Office report estimated that a million taxpayers overpaid because they didn't itemize their deductions when they should have--even though they had a pro do their return.
Mid-day Monday, February 14, IRS expects to be able to begin processing 2010 tax returns for those taxpayers who itemize their deductions, take advantage of education incentives, the Homebuyer Credit and many other less frequently used tax benefits.
It looks like it is designed for younger residents who are only taking the standard deduction, meaning that homeowners, those with their own businesses or affluent taxpayers (who are the most likely to itemize their deductions) will not find it useful.
Keep in mind that medical expenses are only deductible if you itemize your deductions on a Schedule A. For 2012, you can only deduct those qualifying expenses that exceed 7.5% of your adjusted gross income (line 37 of your form 1040).
Clearly, any rounding up you do or extra funds that you donate to an organization which is recognized by the IRS as a qualifying charitable organization would result in a charitable deduction (assuming, of course, that you itemize your deductions on a Schedule A).
Unfortunately, while you must claim all gambling winnings on your return, you can only deduct your losses if you itemize your deductions on a Schedule A. If you do not file a Schedule A, you cannot deduct your gambling losses, no matter how much you lose.
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Younger workers typically don't have enough deductions say, mortgage interest to itemize, so they take the standard deduction.
The falling share who itemize could be a factor as Congress considers whether to limit itemized tax deductions as part of a tax reform.
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