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Started By
Message
Itemize on Tax Return Question
Posted on 1/25/23 at 3:34 pm
Posted on 1/25/23 at 3:34 pm
If you are taking the standard deduction is all you really need to enter your W-2 forms?
8
Posted on 1/25/23 at 3:36 pm to RandySavage
Do you have any other income?
Posted on 1/25/23 at 3:36 pm to Jim Rockford
Nope
Posted on 1/25/23 at 3:37 pm to RandySavage
It depends. Do you have kids ? Do you pay for childcare. Do you have any investment income?
The fact your are asking this leads me to believe you should see a tax professional.
The fact your are asking this leads me to believe you should see a tax professional.
Posted on 1/25/23 at 3:38 pm to RandySavage
quote:
If you are taking the standard deduction is all you really need to enter your W-2 forms?
That and any credits. Just no deductions. And if you're married and file separately for any reason, you both have to file the same way, i.e. if one itemizes, both have to itemize and vice versa.
Posted on 1/25/23 at 3:39 pm to RandySavage
quote:
If you are taking the standard deduction is all you really need to enter your W-2 forms?
Yes, unless you have other income from say a 1099 or some other deduction you may be entitled to, say child care.
This post was edited on 1/25/23 at 3:40 pm
Posted on 1/25/23 at 3:40 pm to HarveyBanger
Yea but all that stuff is saved from previous years on my TurboTax. I just always enter all my forms and it always just tells me to take the standard deduction. So I'm just wondering if I'm going to end up with the standard deduction anyway do I need to take the time to enter all the mortgage interest stuff etc....
Posted on 1/25/23 at 3:43 pm to RandySavage
quote:
do I need to take the time to enter all the mortgage interest stuff etc....
Nope. Just the additional income and credits.
Posted on 1/25/23 at 3:43 pm to RandySavage
quote:
So I'm just wondering if I'm going to end up with the standard deduction anyway do I need to take the time to enter all the mortgage interest stuff etc....
Turbo Tax is determining if you should consider itemizing by having you add that stuff. It's a check on your work.
But ya, ultimately if you don't pass the standard deduction to itemize then technically that's not going into your return.
Posted on 1/25/23 at 3:45 pm to RandySavage
quote:
Yea but all that stuff is saved from previous years on my TurboTax. I just always enter all my forms and it always just tells me to take the standard deduction. So I'm just wondering if I'm going to end up with the standard deduction anyway do I need to take the time to enter all the mortgage interest stuff etc....
I always just enter it as I get it so I don't have to do it all at once. To you question: if you take the standard deduction anyway, I don't know if the IRS can even see if you've entered in all your charitable giving, childcare, property tax, mortgage interest, etc.
Posted on 1/25/23 at 3:45 pm to RandySavage
With them raising the standard deduction during Trump's reign, you really have to be giving a lot to charity to even come close to having to itemize. We give 10% to church and also donate to other charities throughout the year and still don't come that close to the standard deduction.
Posted on 1/25/23 at 3:48 pm to RandySavage
Post pic of your W-2 for more accurate answers
Posted on 1/25/23 at 3:51 pm to Areddishfish
Pretty sure if you bought a house in a major metro with decent property taxes in the past 5 years you could come pretty close or go over.
But there definitely should be a large amount of people who still don't have to worry about itemizing.
But there definitely should be a large amount of people who still don't have to worry about itemizing.
This post was edited on 1/25/23 at 3:55 pm
Posted on 1/25/23 at 3:58 pm to RandySavage
What you need is KY jelly. If all you’re doing is standard deduction…then Uncle Ukraine Launder Money Sam is going to ram his/her/LBGTQXRZ dick up your arse…while calling you a racist domestic terrorist.
Posted on 1/25/23 at 4:01 pm to Teddy Ruxpin
quote:
Pretty sure if you bought a house in a major metro with decent property taxes in the past 5 years you could come pretty close or go over.
This may be the only thing that puts us over this year. We also got married mid-year and I have no idea if that has any effect.
Posted on 1/25/23 at 4:11 pm to H2O Tiger
Just finished, way way down from last year. Biden sucks arse
Posted on 1/25/23 at 4:15 pm to RandySavage
quote:
Just finished, way way down from last year.
Your refund? I noticed the same with mine. And that was in spite of a bonus where I was taxed at 25%. Thought that might boost it, but nope.
Posted on 1/25/23 at 4:37 pm to S1C EM
Yea, we made a little extra money but our refund was half of previous years.
Posted on 1/25/23 at 5:23 pm to RandySavage
Several tax credits returned to 2019 levels in 2022, so that could be part of it.
Posted on 1/25/23 at 5:24 pm to RandySavage
Your refund is irrelevant. What is relevant is your effective tax rate and/or tax credits. If you have children, then you may be seeing the effect of the decrease in the child tax credit.
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