Welcome Guest. Register Now!  

Itemized Deductions Schedule-A

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-25-2013, 03:02 PM
TaxGuru's Avatar
Tax Guru
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,400
Blog Entries: 3
Should Taxpayers itemize or take the standard deduction in 2012?

Generally speaking, taxpayers should itemize deductions if their total deductions are more than the standard deduction amount. Also, if your standard deduction is zero, the taxpayer should itemize any deductions if :

1)The Taxpayer is married and filing a separate return, and the spouse itemizes deductions.

2)The Taxpayer is a nonresident or dual-status alien during the year. That taxpayer is considered a dual-status alien if he or she were both a nonresident and resident alien during the year.

3)If the Taxpayer is a nonresident alien who is married to a U.S. citizen or resident at the end of the year, that taxpayer can choose to be treated as a U.S. resident and then is entitled to take the standard deduction.

When should taxpayers itemize?
Taxpayers generally may benefit from itemizing your deductions on Schedule A (Form 1040) if the taxpayer:

1) Does not qualify for the standard deduction, or the amount you can claim is limited.

2) Had large uninsured medical and dental expenses during the year, and paid interest and taxes on your home.

3) Had large unreimbursed employee business expenses or other miscellaneous deductions.

4)Had large uninsured casualty or theft losses.

5) Made large contributions to qualified charities.

6) Have total itemized deductions that are more than the standard deduction.

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What are the Section 179 Deduction limits for 2011 and 2012? TaxGuru Depreciation 0 02-02-2012 01:47 PM
The IRS issued new standard mileage rates for use in 2012 TaxGuru Auto Expenses 0 01-17-2012 11:58 AM
Standard Mileage Deduction - Title No in Name Kitty2010 Income 1 06-21-2010 10:40 PM
2009 Federal Property Tax Deduction for Taxpayers Who Do Not Itemize rabbitlady Homeowner Tax 0 04-14-2010 10:16 PM
IRS announces Additional Standard Deduction Amounts for Eligible Taxpayers in 2008! TaxGuru For 2008 0 09-11-2008 11:50 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning