The calculator uses the standard deduction unless. This calculation is done on New York Form IT-196. Tax filers may either claim a standard deduction based on their filing status or itemize their deductions. There are also reductions if your AGI is over 100,000. The New York amount is reduced by the state taxes deducted on Schedule A (Form 1040) Itemized Deductions. Standard deduction will only give me about $2500. The New York itemized deduction is not the same as the federal itemized deduction amount. I'm not sure what other info you guys but isn't this refund a little too large even as a homeowner?Ĭhoosing itemized deduction will give me about $4900 with state refund included. For 2017, the standard deduction is as follows: 6,350 for single taxpayers and married couples filing. If you checked do not use standard deduction this is always your Itemized Deductions. Your standard deduction is a preset amount determined by the IRS based on your filing status. My monthly payments to the condo are around $850 with mortgage and tax included, plus $320 HOA maintenance fees. This is the higher of your Standard Deduction or your Itemized Deduction. I also have student loans of about 10k, total interest last year was about $650. The room is about 20% of the whole condo so 20% deductible. I rented out the other room so I guess add another $4500 to the income. Just some background, I live in CA, made about 53k last year. I don't want to get in trouble with the IRS or owe any taxes later. Head of household filers can take a standard deduction of 18,800, and if you are over 65 or blind the deduction is. In just five quick screens you’ll understand the changes in the standard deduction and itemized deductions, you’ll get an estimate of your deductions based on inputs, it tells you if you may claim standard vs itemized, and makes recommendations for end of year tax moves you can make to increase your itemized deductions. The New York itemized deduction is not the same as the federal. While the Tax Cuts and Jobs Act eliminated many of the itemized and personal deductions that had previously been available, it doubled the standard deduction to 12,550 for single filers in 2021 and to 25,100 for joint filers. However, I am scared to choose it because it's showing a much larger refund. TaxAct will use the larger of your New York standard deduction or itemized deduction. Turbotax says it's recommended that I choose itemize because it's larger. Itemizing your deductions works by adding your deductible expenses to Schedule A - eFileIT - and. ![]() You should itemize if the total amount of your itemized deductions is more than your standard deduction amount - eFile will determine this for you. On Turbotax, it says that I have an itemized deduction of $16,700 while the standard deduction is $6300. Itemized deductions reduce your taxable income by a dollar amount and thus reduce your total taxes. ![]() I don't understand how these deductions work.
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