Question

Can I talk to someone on the phone now?

Forum|Forum|7 years ago
June 5, 2019
3 replies
0 views

My 2016 and 2017 returns have no Schedule A but greater than standard deductions. I am applying for a mortgage and need an explanation.

B

Bees

Employee

Did you claim head of household or are you or spouse over 65?

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

B

Bees

Employee

Can you get a transcript from IRS instead of your own copy of return? <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-utl/oc_-_march_-_autotranscrpt_022811.pdf">https://www.irs.gov/pub/irs-utl/oc_-_march_-_autotranscrpt_022811.pdf</a>

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

X

xmasbaby0

Employee

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income. It is not a refund

2017 Standard Deductions

Single $6350 (65 or older + $1550)

Married Filing Separately $6350 (65 or older + $1250)

Married Filing Jointly $12,700 (65 or older + $1250@)

Head of Household $9350 (65 or older + $1550)

(Also + $1600 if blind)

2018 Standard Deductions:

Single $12,000 (+ $1600 65 or older)

Married Filing Separately $12,000 (+ $1300 65 or older)

Married Filing Jointly $24,000 (+ $1300 each spouse 65 or older)

Head of Household $18,000 (+ $1600 65 or older)

To call TurboTax customer support

https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

They are available from 5 a.m. to 9 p.m. Pacific time.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

X

xmasbaby0

Employee

2016 standard deduction amounts:The standard deduction is a set amount of money that is subtracted from your Adjusted gross income. The amount a taxpayer can subtract is determined by his or her filing status. The five standard deductions for 2016 are: single($6,300), head of household($9,300), married filing separately($6,300), married filling jointly($12,600), and Qualifying Widower($12,600).

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**