Can we still file 1040A, or is a 1040 mandated? I ask, because the federal internet free files aren't giving us an option for 1040A, which seems a little strange.
Opinions? Advice? Besides having a CPA do it. Perhaps we will...but I want an idea of what to expect first.
2007-03-14 17:07:11 · 2 answers · asked by powhound 7 in Business & Finance ➔ Taxes ➔ United States
I know a 1040 is for itemized deductions. We just don't have much to itemize to make it worth the hassle.
2007-03-14 17:10:41 · update #1
The standard deduction for married filing jointly is $10,300. If your deductions are over this amount, its better to itemize.
Add up your itemized deductions including:
-mortgage interest paid
-real estate taxes paid
-any state/local taxes withheld on wages
-charitable contributions
Otherwise, you can file whatever form youre eligible for.
2007-03-14 17:40:13 · answer #1 · answered by tma 6 · 0⤊ 0⤋
You can file a 1040A if you don't itemize, and meet a couple other requirements. If your total itemized deductions aren't greater than your standard, then you wouldn't itemize. Often when you have a house with a fairly new mortgage, you'll have enough deductions to make it worth itemizing, but not always.
But anyone is allowed to file a 1040, whether they itemize or not. Maybe the free file sites just start out with a 1040 since they don't know at first what you'll need.
2007-03-15 00:27:18 · answer #2 · answered by Judy 7 · 0⤊ 0⤋