I just finish filling out my income taxes. The software says I have a credit of $2,747. Should I enter my deductions any way? Or should I save my time? Please help.
Remember I do not own taxes; I even have a tax credit.
Thank you.
2007-01-23 08:05:21 · 8 answers · asked by College Guy 4 in Business & Finance ➔ Taxes ➔ United States
Chances are good you would need more than $10k of itemized deductions for it to be more than your standard deductions. If you already entered your standard deductions (marital status, dependents, etc.) Then don't bother with Itemized deductions unless you accrued $20k+ worth of business-related expenses. (Mortgage or Rent associated with your business or line of work, or business supplies.)
2007-01-23 08:32:13 · answer #1 · answered by New Dad, JMH 2 · 0⤊ 0⤋
Here is the scoop. You may have an earned income credit coming. You may also have a refund coming from taxes paid. If you do not fill out your 1040 and send it in you will not receive the refund or credit. Lo siento, amigo.
2007-01-23 08:12:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you are able to purely declare loan activity, the standards paid and sources taxes, this could be on schedule A (Itemized deductions)yet a majority of those costs inclusive of medical, prescriptions, charitable contributions worker employer costs, state withholding taxes, could desire to exceed greater effective than the customary deduction ($10,3 hundred). additionally, that's truly helpful to evaluate on how a lot money is being withheld out of your paychecks. consistent with danger no longer adequate is taken out and that's the reason you're no longer getting a great refund on the top of the 12 months.
2016-11-26 21:39:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
By entering your deductions you will most likely increase your credit. If you are using a program such as Turbo Tax, then it won't take too much time and a few minutes could increase your credit by a few hundred dollars or more!
2007-01-23 08:16:09 · answer #4 · answered by Laura R 3 · 0⤊ 1⤋
No tax the standard deduction. You should verifiy that you have taken all available credits, though, since it may increase your refund.
2007-01-23 08:13:26 · answer #5 · answered by Nusha 5 · 0⤊ 0⤋
It depends. If the deductions would give you a larger refund, then by all means. If it won't change the refund, then why bother?
2007-01-23 08:07:54 · answer #6 · answered by jseah114 6 · 1⤊ 0⤋
What?
2007-01-23 08:08:08 · answer #7 · answered by Cynthia S 4 · 0⤊ 0⤋
Bottom line - YOU OVERPAID
2007-01-23 08:15:56 · answer #8 · answered by $Sun King$ 7 · 0⤊ 0⤋