2024 Tax Season Thread

[Buehler445]

It's that time.

Let's talk taxes.

[Buehler445]

Originally Posted by KCUnited

Wife is in sales so her checks all vary based on a commission structure I’m not sure Stephen Hawking could make sense of so we typically error on the side of caution. Plus she don’t pay attention like when she went 6 months being charged hundreds a month for a parking space at work that she took the train into

I had to take a lap around the block before responding to that one

The things we do for our spouses.

My wife teaches. And she couldn't give half a **** about anything I worry about. She has a state pension, but I kept asking her if there was any other retirement instruments. 4 ****ing years in, she's like is this 403b thing what you're talking about?



Yes dear. Yes it is.

[crayzkirk]

Originally Posted by Buehler445

Medicare premiums go on your Schedule A as medical insurance premiums. There is an income exclusion (I think for you it's 7.5% of your AGI).

So your schedule A goes like this

Medical expenses and Insurance less AGI*.075
+
State and local taxes
+
Home Mortgage Interest
+
charitable contributions
=
Schedule A deduction

If Schedule A deduction is larger than the Standard Deduction, you take the Schedule A deduction. If not you take the Standard Deduction.

In practice, you probably don't gain much by deducting them. You can, if you were going to Itemize anyway.

Thanks. With the standard deduction being around 10K for filing single, I have a hard time getting to that amount. House is paid, no car loans, etc.