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Tax Question- Itemizing
Posted on 4/24/13 at 2:52 pm
Posted on 4/24/13 at 2:52 pm
Is it considered itemizing when you factor in ira contributions, fsa accounts, and day care expenses?
Then can you add in the standard deduction with those?
For example, if you had 5k in fsa, 2500 in 529 plan, and used the standard deduction. You're income would be lowered by approximately 20k.
Then can you add in the standard deduction with those?
For example, if you had 5k in fsa, 2500 in 529 plan, and used the standard deduction. You're income would be lowered by approximately 20k.
This post was edited on 4/24/13 at 4:03 pm
2
Posted on 4/24/13 at 3:02 pm to wegotdatwood
quote:
Is it considered itemizing when you factor in ira contributions, fsa accounts, and day care expenses?
none of those are itemized deductions
quote:
Then can you in the standard with those?
Posted on 4/24/13 at 3:18 pm to wegotdatwood
IRA contributions are reported as adjustments to income. They are taken into account for determining adjusted gross income. FSA accounts are not reported on the tax return since contributions are made with pre-tax dollars. Day care expenses are reported on Form 2441, and they will result in tax credits if your adjusted gross income is below the stipulated limit.
Yes, you can claim the standard deduction and report the IRA contribution and child care expenses.
Yes, you can claim the standard deduction and report the IRA contribution and child care expenses.
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