Standard deduction will only give me about $2500. I'm not sure what other info you guys but isn't this refund a little too large even as a homeowner?Ĭhoosing itemized deduction will give me about $4900 with state refund included. As long as you continue to file a joint return, you likely qualify to claim the 24,200 standard deduction.
#Itemized vs standard calculator plus
My monthly payments to the condo are around $850 with mortgage and tax included, plus $320 HOA maintenance fees. Use this free tax return calculator to estimate how much youll owe in federal taxes, using your income. In another scenario, let’s say your itemized deductions totaled to 17,000 in 2019. I also have student loans of about 10k, total interest last year was about $650. Weve created a tax calculator that helps demonstrate how the Tax Cuts and Jobs Act (TCJA) and other major tax. Unfortunately Turbo Tax is not smart enough to take into account the. BEWARE EVERYONE This is the first year that Turbo Tax has selected the standard deduction over the itemized deduction and indeed it saves me about 200 in Federal Tax. The room is about 20% of the whole condo so 20% deductible. Itemized vs Standard Deduction and it's effect on your State Income Tax. Tax savings on a mortgage loan increase at higher income tax rates. I rented out the other room so I guess add another $4500 to the income. This calculator also calculates your after-tax interest rate on the loan. Just some background, I live in CA, made about 53k last year. I don't want to get in trouble with the IRS or owe any taxes later. However, I am scared to choose it because it's showing a much larger refund. Turbotax says it's recommended that I choose itemize because it's larger. On Turbotax, it says that I have an itemized deduction of $16,700 while the standard deduction is $6300. Itemized deductions are specific and tailored, whereas the standard deduction is a general amount. 27, 2022.I don't understand how these deductions work. Estimated Tax Savings - The potential amount of money saved on taxes from the.
“ 2021 Instructions for Schedule A.” Accessed Jan. A taxpayer can choose between Itemized deduction or standard deduction while filing their federal income tax return. Itemized deductions cannot be taken in addition to the standard deduction. “ Interest on Home Equity Loans Often Still Deductible Under New Law.” Accessed Jan. “ With New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds.” Accessed Jan. Marginal Tax Rate Calculator Marginal tax inputs: Standard or itemized deduction: Your Federal taxes are estimated at 0.
“ Publication 5307: Tax Reform Basics for Individuals and Families,” Pages 6–10. 502 Medical and Dental Expenses.” Accessed Jan. “ Expanded Tax Benefits Help Individuals and Businesses Give to Charity During 2021 Deductions Up to $600 Available for Cash Donations by Non-itemizers.” Accessed Jan. “ Charitable Contribution Deductions.” Accessed Jan. “ Publication 936, Home Mortgage Interest Deduction.” Accessed Jan. “ Credits and Deductions for Individuals.” Accessed Jan. “ IRS Provides Tax Inflation Adjustments for Tax Year 2021.” Accessed Jan. This calculator is provided for educational purposes only. Calculation does not adjust for the greater of itemized vs. “ IRS Provides Tax Inflation Adjustments for Tax Year 2022.” Accessed Jan. The calculator assumes all Qualified plan/IRA contribution values are either pre-tax or deductible contributions. “ Tax Reform Brought Significant Changes to Itemized Deductions.” Accessed Jan. From within your TaxAct® return ( Online or Desktop) click Federal. “ About Schedule A (Form 1040), Itemized Deductions.” Accessed Jan.
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