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Debthelp
I'm new to filing a itemized 1040 this year. I've been using the 1040EZ. But since I bought a house, I will be itemizing. I have read up on what I can claim on the mortgage interest and property tax. WHAT ELSE CAN I CLAIM for itemzing? Any other forms beside the schedule A and B? I'm employed by a big company and get a W-2 each year(compay 401K is being taken care of on my W-2 and my ROTH IRA can't be claim). Any suggestion is appreciated! I have no idea about any other claims I can make.
BlankenshipFP
As you'll find when you fill out your schedule A (in answer to your question if there are other forms, yes, there are dozens, but Schedule A is the primary place to record your deductions), you can deduct medical expenses (to the extent that they exceed 7.5% of your AGI), your state income tax paid, itemized or estimated sales tax, property tax, mortgage interest and other expenses, charitable gifts, casualty and theft losses, and job expenses for which you are not reimbursed and other miscellaneous expenses (to the extent that they exceed 2% of your AGI). See http://www.irs.gov/pub/irs-pdf/i1040sa.pdf or your tax professional for more specific information.
Debthelp
Thank You. I have read the article and got a good idea as to what can be deduct from it.
Zanswer
If you use a commercial software like turbotax or taxcut, you will see an entire section for deductions and an automatic comparison between itemized and standard. They will ask a bunch of questions and determine whether they qualify as deductions.
However, it is a good idea to read the 1040 instructions carefully even if you use SW, because you can be better prepared, such as saving necessary receipts and documents, during the full year.
runewell
Go to irs.gov Forms & Publications and download a 1040 Schedule A and read it, it's not very complicated.
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