Berkeley CSUA MOTD:Entry 24452
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2024/12/24 [General] UID:1000 Activity:popular
12/24   

2002/4/16 [Reference/Tax] UID:24452 Activity:high
4/15    pretty basic tax question: So I should only bother itemizing my
        deductions if I can get them to add up to more than the standard
        deduction... which for a single person is about $4K? And without
        a mortgage or something this is nearly impossible to do, right?
        Unless I've made loads of charitable donations or something... ?
        \_ Local and state income taxes are (after a mortgage) the next
           biggest deductions for most people who itemize. So are
           contributions to retirement plans. You might also have gambling
           losses or capital losses. --dim
            \_ so for the first part of 2001 I did contribute to a
               401(k) plan that was then rolled into an IRA when I
               got laid off. I can't seem to get Turbo Tax to include
               this in my itemized deductions... are you sure I should
               be able to do this? Thanks alot.
              \_ rollovers are not deductible
                 \_ No retirement plan contribs are itemized deductions. They
                    are deducted above-the-line (pre-AGI).
           \_ More precisely, local and state income tax *withholding* during
              the current tax year (2001) and any state and local tax *payment*
              you made (e.g. checks you wrote) during the current tax year for
              2001 is irrelevant in your 2001 federal return.
              any tax years (e.g. 2000 tax return, 2001 estimate tax, 1995 tax
              debt.)  The actual amount of state and local tax for tax year
              2001 is irrelevant in your 2001 federal return.  -- yuen
        \_ another common deduction is investment expenses (like if you
           pay a financial advisor fees or were charged margin interest).
2024/12/24 [General] UID:1000 Activity:popular
12/24   

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