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Old 02-15-2010, 08:47 AM
 
Location: Sierra Vista, AZ
16,116 posts, read 20,152,267 times
Reputation: 8204

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Maybe I'm just dense but this thing has me tearing my hair out.
I can't figure Standard Deduction or exemptions
Husband and wife over 65
Real estate Taxes of $1915
0 earned income

I would certainly appreciate some help here before I freak out totally
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Old 02-15-2010, 11:12 AM
 
92 posts, read 446,338 times
Reputation: 159
Because you have real estate taxes, you need to complete schedule L for your standard deduction.

On schedule L, enter 11,400 on lines 1 and 4.

Since you are over 65,you would have checked the appropriate boxes on your 1040 or 1040A, so enter 2200 on schedule L, line 5.

On line seven, enter your real estate tax amount of 1915.
Enter 1000 on line 8 and 9.

Add lines 4, 5, and 9, to get the standard deduction of 14600.

Then enter that on your 1040 or 1040A on the line that asks for your standard deduction, and check the box indicating this was increased by real estate taxes.
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Old 02-15-2010, 11:57 AM
 
Location: Sierra Vista, AZ
16,116 posts, read 20,152,267 times
Reputation: 8204
Thanks, just the info I needed
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