Additional RE Taxes Added To Standard Deduction

[TAXBILLY]

Unlike the 5329 which automatically pops up when in a penalty situation and one can delete the form if there is no exception, and you do not lose the 10% on page 2 0f 1040 ...

If you want to add the re taxes to the standard you have to access the Schedule A and then if you delete it the re tax will also go away on page 2 of the 1040.

taxbilly

[Cathy]

Taxbilly,

Check the box on line 39c on the second page of the 1040, then bunny hop on line 40, then click on "1040 Std vs Itemized" and it will bring you to a worksheet for the property taxes. You don't need the Sch A at all unless you have enough to itemize.

Cathy

[TAXBILLY]

Thanx Cathy. I didn't notice that option.

taxbilly

[Janitor Bob]

Taxbilly,

Check the box on line 39c on the second page of the 1040, then bunny hop on line 40, then click on "1040 Std vs Itemized" and it will bring you to a worksheet for the property taxes. You don't need the Sch A at all unless you have enough to itemize.

Cathy

I have talked to a few people who used Turbo tax.....The software either missed this or did not prompt the user to enter....I have at least two new clients already.....Most "do-it-yourselfers" (including Al at the body shop and Mitzi at the salon) are missing this potential tax benefit.

[Tax Prep by Deb]

I am soooooooo verrrrrry glad that someone just mentioned this. I had just completed a return by which my client was just under for itemizing her deductions, but by going to the worksheet and claim the real estate taxes paid she was able to receive a larger refund than what I had previously told her.

I love this board and the help extended to each other!

Thanks again,

Deb!