Itemization Income Tax Question

Itemization Income Tax Question

Itemization Income Tax Question

It is necessary to have $10,000.00 in itemized deductions for us to deduct medical / Rx drug expenses?

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Jan 20, 2024
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starstarstarstarstar 		Understanding Medical Deductions
by: BB

No, there is no requirement to have a specific number of itemized deductions, such as $10,000, to deduct medical and prescription drug expenses. Medical expenses are deductible to the extent that they exceed 7.5% of your adjusted gross income (AGI). If your qualifying medical expenses exceed this threshold, you can include them as itemized deductions on Schedule A of your tax return.

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Itemized Balance

by John
(Georgia)

Is there a minimum when itemizing that MUST BE MET BEFORE YOU CAN itemize anything?

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Jan 20, 2024
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starstarstarstarstar 		Understanding Your Deduction Options
by: BB

There is no specific minimum amount that must be met before you can itemize deductions on your tax return. However, it's important to note that you can choose to take the standard deduction or itemize, whichever results in a greater deduction. For the 2022 tax year, the standard deduction amounts are $12,950 for single filers, $25,900 for married couples filing jointly, and $18,800 for heads of household.

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Itemizing Church Tithing

If I own my house and I have given over 2,000.00 to my church, will I benefit itemizing and just the e-z? thank you.

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Jan 20, 2024
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starstarstarstarstar 		Church Donations in Your Itemized Deductions
by: BB

If you have given over $2,000 to your church and own your house, it may be beneficial to itemize your deductions instead of using the standard deduction. When you itemize, you can include charitable contributions, including those made to your church, as part of your deductible expenses. However, it's essential to consider other itemizable expenses, such as mortgage interest and property taxes, to determine if itemizing provides a greater overall deduction.

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