Tax Time 2010

[elevatorman]

I know there a lot better places to ask questions. But I thought that a discussion might trigger a memory of a forgotten deductions.

Does anybody know what can be deducted from the setellment fees on a new village home?
How about the sale of a home, are there any deductions there?
What percentage of income must be reached to deduct health care costs?
Can Health Ins. premiums be included in health care costs?
Is there a way to deduct the move to FL from another state?
Who qualifies for a tax credit on a new home purchase?
Any other thoughts for the newley retired.

As I said at the beginning, I am just attempting to spur a discussion. I want to make sure I have all my papers ready for my filing.

[bkcunningham1]

Here's a link to the IRS itemized deductions at the end of my post. If you figure it out let me know too!! I heard a comedian the other night talking about the IRS. He said we as taxpayers should just get a final bill telling us how much more we owe or what our refund will be.

The IRS knows what we make and what taxes have been withheld. Just tell us how much more or less we owe without having to pay someone to figure it out for us. And then the expert we pay to do our taxes makes us sign paperwork saying we understand they aren't us liable if they are wrong!! The IRS knows the answer, but wants us to tell them how much we owe or how much we overpaid and if we are wrong we can go to jail. Maybe you had to see the comedian to think it was funny.

Seriously though, I do know your itmeized deductions must be more than the standard deduction allowed. The standard deduction depends on your filing status, ie. single, married filing jointly, head of household, etc.

You can deduct certain moving expenses if they are for a job within certain distance guidelines set forth by the IRS and if your employer doesn't reimburse.

Deductions are so complex to me. For example, under allowable medical deductions: You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. You do this calculation on Form 1040 Schedule A in computing the amount deductible.

Also, "Medical expenses include insurance premiums paid for medical care or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long-term care insurance policy's premium is limited. Refer to Publication 502 , Medical and Dental Expenses," according to the IRS

Sorry to ramble, but I've been working on our taxes and I plead temporary insanity....B.K.



http://www.irs.gov/taxtopics/tc500.html

[villages07]

Here's a couple of things that could affect Villagers...

If you installed solatubes, solar attic fans, or other qualifying energy saving items, file form 5695 Residential Energy Tax Credits to claim your credit.

Earlier in the year, Social Security recipients received a $250 stimulus check. Working folks had a similar adjustment in their tax/withholding. For some folks on public pensions, who do not receive Social Security and who did not have earned income...you missed out. But, you can claim this $250 tax credit on Schedule M. This affects Federal retirees, military retirees, some state retirees etc.

I am not an accountant nor do I play one on TOTV. Just a couple of things to be aware of and determine how they affect you.

[elevatorman]

Thanks Villages07 forgot about the possability of lanai enclosure with energy efficient windows. I am also from MD and will have to pay state taxes on money I earned while working there. Know of any ways around this?

[villages07]

E-man...glad the post reminded you about energy credits.

Sorry, don't know MD tax laws about earning income in the state while a resident of another state. That's all in the rear view mirror. Sure don't miss those state taxes!!!

[Boomer]

Thanks for starting this thread. I am not an accountant but I am in the process of getting stuff gathered up to take to our CPA, and, like you, I try not to miss anything on the first go-round. Also, I like to talk about stuff like this.....I know. It's weird. But I do like to talk about stuff like this. (I do not know why in the world certain people around here think I am an English major.)

Anyway, here's a link to a list I found just now that might be helpful as we look for what we need to know for 2009 taxes and beyond.

http://turbotax.intuit.com/tax-tools/tax-tips/irs-tax-return/5519.html

Boomer