Mariied filing jointly. Federal refund due.
Is it worth it to itemize my property tax paid and mortgage interest payed??? Before I buy Turbo tax, or would it be better just to fill out a 1040 EZ?
2007-03-14 08:35:22 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If your itemized deductions are higher than the standard deduction ($10,300.00 for married filing joint) then it is usually better to itemize. It really depends on your overall financial situation.
2007-03-14 08:39:55 · answer #1 · answered by R Worth 4 · 4⤊ 0⤋
If your itemized expenses add up to over $10,300, then it would probably be worth it. Pick up or download a copy of 1040 schedule A and its instructions to figure out what you have in itemized deductions.
If they're not over $10,300, there would be no savings - or even if they're a couple hundred dollars over, then just file the EZ form - you'd spend more on software than you'd save on taxes.
2007-03-14 15:46:46 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
You cannot claim itemized deductions on Form 1040EZ.
File Form 1040 with Form Schedule A. Assuming of course, if your itemized deductions exceed your zero bracket amount or standard deduction.
2007-03-14 16:14:33 · answer #3 · answered by bold4bs 4 · 0⤊ 0⤋
if you want to get the largest refund possible (who doesn't?) then you need to add up all of your itemized deductions and compare it to the standard deduction for married-joint (i think it's $10,000 or maybe $10,500 this year.) choose the method with the highest deduction and figure your taxes from there. if you itemize, the expenses are listed on Schedule A, not difficult to do.
2007-03-14 16:44:21 · answer #4 · answered by Ovrtaxed 4 · 0⤊ 0⤋
If you are paying interest on a mortgage, chances are you will be better off if you itemize.
2007-03-14 15:39:50 · answer #5 · answered by Wayne Z 7 · 0⤊ 1⤋
If you have more than $10,300 in expenses then you should itemize. If not, then don't.
2007-03-14 17:47:39 · answer #6 · answered by thetaxman07 1 · 0⤊ 0⤋