 If I were loaned money one year and paid it back the following year, what year do I pay the taxes in? Both?? |
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Ted H | Is it worth itemizing my deductions or should I take the standard deduction? |
I have just recently gotten married and have only been employed for two full years. I do not have a mortgage payment, but I have contributed a little over 10% of my income to a church and other volunteer organizations.
Is it worth itemizing these contributions, or will that not come close to the standard deduction of $10,900? |
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Aydens Mommy
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well if you itemize both yours and your wifes state and local taxes are part of the itemized.. so add those up (state taxes + local taxes + contrabutions) plus what you contributed and see if they're more than 10.9k. |
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taxtools
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How much did you contribute. If more than $10900 then you should itemize. You can also deduct state income or sales tax, but not both if you itemize.
http://www.irs.gov/
TaxRef
http://www.pdftax.com/ |
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smoothie
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You should try it both ways to find out. If your itemized deductions aren't more than the standard, then you're right, its not worth the hassle. |
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tigerwing
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If you use a tax software program, like Turbo Tax or TaxCut for examples, it will tell you automatically which method would be better for you. |
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Judy1
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You are the only one who could guess whether you have allowable deductions of over $10,900. From what you say in your question, I'd guess no, but add up the total, including for example any state and local tax your paid. If you don't come up to 10,900, just take the standard deduction. |
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prescientone
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Itemizing is better so long as your actual expenses are higher than the standard deduction. As others have stated, run the numbers...state withholding, real estate taxes, sales taxes, medical, charitable..and all of the miscellaneous deductions available. Do the work, run the numbers, and hopefully pay less tax...good luck |
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src50
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Probably not, but running the numbers both ways is the only way to know for sure. |
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sherika g
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I would advise to use the standard deduction |
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pagodaboy2001
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It is hard to tell with the the amount of information that you've given.
If you don't have to pay interest on a mortgage and don't have property tax it may not get up to 10,900 but until you fill out schedule A you won't really know.j
I have a mortgage and have donated to our church and other nonprofit organization and am 1000 less than the standard deduction. |
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L
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Since you have nothing to itemize, (ie: mortgage) just do the standard deduction. |
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