jainen Posted January 17, 2009 Report Share Posted January 17, 2009 >>He would be better off just deleting the Sched A and going for the Standard deduction plus $500<< Don't be so quick with that delete button, Granny Coral. It's fine for your state of TX, but here in CA we have a state income tax and the standard deduction is only $3962. We don't conform to the real estate tax deduction, so such a taxpayer would take standard on fed and itemize on the state. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 17, 2009 Report Share Posted January 17, 2009 this can also lead to some tax deduction bunching planning. We pay our Property taxes in Dec and April in our county. If I am a homeowner and I am close on my sch A every year, I could pay the Dec tax in Jan and take the Standard deduction increase this year, and next year I would have 3 tax payments (Jan, April, Dec) to increase my Sch A. Just a thought. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Granny Coral Posted January 17, 2009 Report Share Posted January 17, 2009 >>He would be better off just deleting the Sched A and going for the Standard deduction plus $500<< Don't be so quick with that delete button, Granny Coral. It's fine for your state of TX, but here in CA we have a state income tax and the standard deduction is only $3962. We don't conform to the real estate tax deduction, so such a taxpayer would take standard on fed and itemize on the state. Jainen, Right you are...I am so glad I don't have your CA concerns to handle. But let me tell you I just discovered that precious 'bunny hop' that took me right to a worksheet that completely answered all those questions. Just click on line 40 on the Form 1040 and that link will pop right up. Just another much appreciated helper from ATX. Granny Coral.... ever learning Quote Link to comment Share on other sites More sharing options...
Catherine Posted January 17, 2009 Report Share Posted January 17, 2009 <snip> To Catherine: Use the website to get stimulus payment info in a jiffy. taxbilly I've got the site bookmarked! Catherine Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.