From the course: Finance Foundations: Income Taxes
Schalten Sie den kompletten Kurs noch heute frei
Join today to access over 23,400 courses taught by industry experts.
Itemized deductions
From the course: Finance Foundations: Income Taxes
Itemized deductions
- Now that we've worked through the entire Form 1040 for Ramon and Kay and have seen that they're getting a tax refund of $2,801, let's add a little complication. Remember that Ramon and Kay took the standard deduction of $24,000. Well what if Ramon and Kay spent more than $24,000 on tax deductible items? The tax law gives them the opportunity, if they want to, to itemize their tax deductions. If they're going to do that, they have to complete Schedule A. This adds a little complication to the completion of their tax form, but not too much. They just need to carefully list the collected data for the amounts that they've spent for the following items. State and local income and property taxes, home mortgage interest, and charitable contributions. Of course there are other deductions that can be entered in Schedule A, such as large unreimbursed medical and dental expenses, and casualty losses in a federally declared disaster, but these three categories are the most common. For married…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Inhalt
-
-
-
-
-
-
(Locked)
Della and Dee Stice doing people's taxes1m 57s
-
(Locked)
Joint Form 1040: Entering personal information4m 21s
-
(Locked)
Joint Form 1040: Computing adjusted gross income (AGI)3m 58s
-
(Locked)
Joint Form 1040: Computing the total tax4m 22s
-
(Locked)
Joint Form 1040: Additional tax payment or tax refund4m 14s
-
(Locked)
Itemized deductions1m 26s
-
(Locked)
Single Form 1040: Computing Adjusted Gross Income (AGI)2m 36s
-
(Locked)
Single Form 1040: Additional tax payment or tax refund2m 59s
-
(Locked)
Online tax returns1m 12s
-
(Locked)
-
-
-
-
-