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Post by bluecluessubtlety on Aug 13, 2011 10:02:30 GMT -5
So for a decade and a half I itemized bc I had houses and the ex has a job where he had expenses he could itemize.
Now that I'm single, any reason to keep track of taxable items? Regular job with reimbursable expenses, I rent, normal copays and meds - nothing high, only education is child's tuition.
I can do simple form now. Correct?
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mizbear
Senior Member
Stand back. I have a budget, and I know how to use it.
Joined: Jan 2, 2011 13:12:46 GMT -5
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Post by mizbear on Aug 13, 2011 14:12:28 GMT -5
Do you do your own taxes? If so, there should be a publication you can get that will tell you whether you can do the simple form or have to itemize the first year or what. You may even want to pay a preparer the first year or 2 to make sure everything is done correctly and so that you get the most money back possible.
When my parents divorced (there were extenuating circumstances and a business) mom itemized the first 2 years after the divorce and had a preparer do her taxes then she switched to the regular 1040 whatever that she needed and did it herself. I qualify for the EZ right now, but know that there is a publication you can get that eplains everything. I will get into my tax box this weekend and see if I can get the publication number so you can look it up digitally.
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Post by bluecluessubtlety on Aug 13, 2011 17:55:55 GMT -5
Thanks. I can give the old preparer a call. I know the ex will still use her bc he still has the deductions. Last year even though we were post divorced we filed together one last time to clear up anything owed. Before I married him I always did my own and was looking forward to EZ again.
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bring in the new year
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Happy Thanksgiving!
Joined: May 3, 2011 17:28:52 GMT -5
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Post by bring in the new year on Aug 13, 2011 22:42:28 GMT -5
Blueclues,
Go to the IRS website, you can file the federal for free on line. If you get Turbotax, they walk you through it and show you the calculation of which makes more sense.
You might want to do Turbo tax just to be on the safe side. Because they set it up as a questionnaire, they'll catch any deductions, you're not thinking of and then you'll know for sure.
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TheOtherMe
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Post by TheOtherMe on Aug 14, 2011 10:57:05 GMT -5
Sounds like if you are renting, you won't be itemizing. Depending on what else you may have, you may be able to file the 1040EZ. If your income qualifies, you can use the IRS free file.
Is your child's tuition for a college aged child?
If you are comfortable preparing your own return, use the free file site if you qualify or buy Turbo Tax and carefully read and answer each question. It will guide you as long as you answer the questions correctly.
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Deleted
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Post by Deleted on Aug 14, 2011 12:59:30 GMT -5
I would use turbo tax too, if you are under a certain income it is free. I doubt you need to itemize but you may need to do the 1040 regular form so you can claim the above the line credit for the education classes.
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alabamagal
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Post by alabamagal on Aug 15, 2011 9:42:46 GMT -5
Your question just seems to be "Do I need to keep my receipts?" I am not a very organized person, but I generally use the "box" method, throwing all my potentially tax deductible receipts into a box. Takes very little time and effort. At tax time (I do my own), I see if we are anywhere close to being able to itemize. The last couple of years we have not. So then I just throw the receipts away.
From your description, you will likely use the standard deduction, but I would keep receipts (medical, taxes, etc.) until you know for sure. You mention child's tuition. If you are talking college, you get a tax credit (not deduction). This is a BIG money saver, so definitely keep up with those (also books and fees for college). For non-college tuition, you don't need to keep for taxes.
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Post by bluecluessubtlety on Aug 15, 2011 11:44:30 GMT -5
Thanks all. No, not college. His tuition is for private elementary education.
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salserabarby
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Post by salserabarby on Aug 30, 2011 14:13:21 GMT -5
This isn't really an issue of "need". The long form is best when your deduction can beat standard. If not then go for the short form, either EZ or A. To deduct medical expense you would need alot of out of pocket expenses, since it the amount deductible is the excess of 7.5% your income. So if your making $60k a year you would need to have paid in medical more than $4,500. Anything OVER $4.500 is dedutible. Plublication 17 is what you will need to get the answer wether you qualify for the EZ form. You can request it from the IRS website and they will mail it. For tax year 2011, Pub17 will become available sometime in November.
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