3 ms·
Half of the allure of turbo tax is figuring out if the standard deduction is more or less favorable than itemized. Maybe the IRS should start by building a too
by cj 3y ago
Half of the allure of turbo tax is figuring out if the standard deduction is more or less favorable than itemized.
Maybe the IRS should start by building a tool that points you in the right direction before it tries to build a TurboTax clone.
- ghaff 3y agoI assume that information exists. It's mostly just totaling up some numbers. I know these days, for me, standard deduction works unless I have some outlier charitable/investment thing going on which I'm going to talk to my accountant about anyway. I assume there are other alternate energy credits and the like but not sure how they work and again aren't in play for most people in a given year.
- jrockway 3y agoMortgage interest is the big one.
- ghaff 3y agoFair enough. I don't have any longer.
- bobro 3y agoMortgage interest and state income taxes can easily get you well over the standard deduction for single people.
- cj 3y agoSame here, mortgage interest puts me over the threshold (and single)
- andirk 3y agoWhen I don't make as much in a year, I go through all of the same exact steps just to see the standard deduction is better :D . It's a nice walk down memory lane though.