2017 My Easiest Tax Prep Ever

L

Lon

Well-known Member
Location
Central California
My Best deduction is the Standard Deduction----I no longer own homes, cars or property. I have good income with much of it NonTaxable. I am awaiting a few 10 99's but once plugged in I still will have just the Standard Deduction.
I wish the process would have been this easy in years past.;)
 

Lon,

Before you file check with the office and see what portion, if any, of your monthly rent and fees are considered medical. The portion attributed to medical expenses should be deductible and may be greater than the standard deduction.
 
Same here Lon Standard Deduction, no mortgage, no medical cost, nothing deductible. Not new been this way since retiring. Inputting the amounts from 1099 R's & 1099 Div & Soc. Sec. SSA-1099 forms and seeing how much tax we owe is never fun even though we have 20% taken out of the 1099 R's.
 

.

Since I am debt-free and can live comfortably on a small income,
after I took early SS, I have purposefully kept my income under
the IRS tax threshold... and I have not had to file an income tax
return [federal or state] for several years. I plan to continue
this way until I have to take higher RMDs beginning at age 70.
 
Aunt Bea said:
Lon,

Before you file check with the office and see what portion, if any, of your monthly rent and fees are considered medical. The portion attributed to medical expenses should be deductible and may be greater than the standard deduction.
Click to expand...

Medical deductions under 7.5% of Adjusted Gross Income are not as good as the Standard Deduction.
 
I filed ours yesterday and expected to get everything back but it was about $300 less than what I thought. We do the basic 1040EZ...have been doing it for years because no deductions and we're healthy so no medical bills (thank God). The only thing that changed this year was our interest on our savings account.....$300 more than last year. Hmmmm...taxable income?? Could that be why we didn't get as much back??

I was a little confused until I got to thinking about it and I told my husband today I was seriously thinking about taking all our money out of the savings, putting it in a coffee can and burying it in the back yard!

We have taxes taken out of our pensions and our SS. I've wanted to quit doing that but hubby wants money back every year...sigh

This "tax reform" didn't do us any good.
 
I've been using the standard deduction for a long time but I still have to do the schedules because of investments. I use Tax Cut anyway...the program does most of the work.
 

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