i need to know the deductible for itimizing my taxes when i am filing head of household? also the deductible to file a regular 1040.
2007-03-15 04:06:52 · 3 answers · asked by yadi 2 in Business & Finance ➔ Taxes ➔ United States
Deductions that you can itemize has no bearing on your filing status. To itemize you will need to get above the standard deduction for Head of household ($7550). Check out the IRS website and look at the Schedule A to see what kinds of things are deductible.
2007-03-15 04:16:36 · answer #1 · answered by R Worth 4 · 3⤊ 0⤋
The standard deduction for Head of Household is $7,550. If you want to itemize your deductions, you benefit when those deductions are greater than $7,550.
The itemized deductions appear on Schedule A and are the same for all filing statuses: medical, taxes, mortgage interest, charity, unreimbursed employee expenses, a few other less common deductions. In addition, there are further restrictions on some of these categories depending on your income.
In other words, most taxpayers do not itemize.
2007-03-15 04:17:30 · answer #2 · answered by ninasgramma 7 · 1⤊ 1⤋
If you file as HoH, your standard deduction (for 2006) is $7,550. If you file as Single, it's only $5,150.
If you itemize, you'll need more than $7,550 in itemized deductions to make itemizing worthwhile.
2007-03-15 04:20:59 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋