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What can i clam on my taxes

what can i clam on my taxes


Use form 1040 and itemize your deductions on Schedule A.

DO NOT use form 1040A.

The interest you paid on student loans will come off the top of your gross income when computing your Adjusted Gross Income, or AGI.

If your retirement contributions were in a 401k, then those are already subtracted from your gross income on your W-2, so you don't claim them again. If you put money into an IRA (not a ROTH IRA) on your own, not directly through your employer, then you can deduct that amount.

On Schedule A for deductions, deduct interest on your home loan, any points you paid at closing (if they were paid in 2008), any premiums you paid for private mortgage insurance, plus local property taxes. You can also deduct your state taxes. If you live in a state with no income tax, there is a way to deduct your sales tax.

If you made any contributions to non-profit organizations including your church, you can deduct those. You can also deduct the value of goods or services you contributed. For example if you were a lawyer, and you did free legal work for a non-profit, you could deduct the value of the services. You could

also deduct mileage on your vehicle for volunteer work.

You can deduct any portion of your car tabs that is based on the value of the vehicle. Any portion of the tabs that is based on weight or is a fixed price per vehicle is not deductible.

Since you are married, you can file jointly. It makes no difference if you got married on December 31st or if you were married the whole year.

Also, make sure you do the worksheet for the recovery rebate credit. If you or your spouse did not get the full amount of the stimulus payments earlier in the year, this is your chance to get the difference.

You might also qualify for the first time homebuyer's credit. Just be aware though that its not really a tax credit, its more like an interest free loan. You have to pay it back $500 per year on your taxes until its fully repaid. It can be a good deal if you use the money to pay off higher interest debt like credit cards or something, but just be aware that it is not free money, and it will create extra paperwork for you in comming tax years.

SmartA$$ · 7 years ago

Category: Taxes

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