What is itemizing and is it beneficial to me?
Itemizing is listing on Form 1040, SCHEDULE A all amounts you paid during the year for certain items such as medical and dental care, state and local income taxes, real estate taxes, home mortgage interest, and gifts to charity.
When you complete your list, you total the amount spent and compare the total with your standard deduction. The larger of the two deductions, standard or itemized, will be the deduction to choose, since it will lower the amount of federal income tax you will owe. For additional information refer to Tax Topic 501, Should I Itemize?
References:
My spouse and I are filing separate returns. How can we split our itemized deductions?
If you and your spouse file separate returns and one of you itemizes deductions, the other spouse will have a standard deduction of zero. Therefore, the other spouse should also itemize deductions.
You may be able to claim itemized deductions on a separate return for certain expenses that you paid separately or jointly with your spouse. Deductible expenses that are paid out of separate funds, such as medical expenses, are deductible by the spouse who pays them. If these expenses are paid from community funds, the deduction may depend on whether or not you live in a community property state. In a community property state, the deduction is divided equally between you and your spouse. Otherwise, refer to Publication 504, Divorced or Separated Individuals, for how to allocate the expenses.
Refer to Publication 555, Community Property, for additional information about community property.
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I am in a disaster area and heard the IRS could help me. What can the IRS do?
If you have been impacted by a Presidentially declared disaster, the IRS may help you by allowing additional time for your filing returns, and waiving penalties and interest in some circumstances if the disaster has caused you to file or pay late. We may be able to provide copies or transcripts of previously filed tax returns free of charge, and you may be able to get some money back from the IRS right now. Our disaster services page, Help During Disasters and Emergencies, provides more detail and a link to the Federal Emergency Management Agency (FEMA).
We have also assembled a set of forms and publications you can download for further assistance. There is a set for individuals and a set for businesses.
Also check Around the Nation for any additional information your local IRS office may have provided.
References:
Tax Topics & FAQs | 2000 Tax Year Archives | Tax Help Archives | Home
