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Daycare and Taxes>Itemize Deductions
Abigail 12:31 PM 10-07-2014
We've always done standard deduction, but this year we kept our medical bills and charitable donations. What do I need to add up to see if it's worth it to itemize for 2013 (extended it).......co-pays for everyone in our family, the part of the medical bills that insurance didn't cover, and charity donations.......what else?
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TomCopeland 03:13 PM 10-07-2014
Originally Posted by Abigail:
We've always done standard deduction, but this year we kept our medical bills and charitable donations. What do I need to add up to see if it's worth it to itemize for 2013 (extended it).......co-pays for everyone in our family, the part of the medical bills that insurance didn't cover, and charity donations.......what else?
For it to be beneficial for you to itemize your 2013 taxes, your itemized deductions need to be more than $12,200 (married filing jointly). Itemized deductions include medical expenses that exceed 10% of your adjust gross income, property tax, mortgage interest, charitable contributions, and a few other items listed on Schedule A: http://www.irs.gov/pub/irs-pdf/f1040sa.pdf
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