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Standard Deductions

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The Taxation professionals at ExpertsLand have successfully answered Standard Deductions questions like:

  • I have heard that there is a standard deduction for travel. The rate is determined by the city you are working each day. Is this true? Where can I find details to show my accountant?
  • Line 40 of 1040 asks for "standard deduction". My spouse (82) and I, (74) file jointly without itemizing. "Standard deduction" lists $51,600 for us. Kelly "Your Income Tax", p. 586, states elderly get certain tax breaks and lists deduction for senior citizens MJF to be $23,000. Which do I take and what line do I use for the $23,000?
  • What would be our total federal standard deductions for 2011 tax year, for my husband and I who have three dependent children, family of five, who is filing a married jointly 1040 tax return? Also if myhusband and I both work full time, would we qualify for a childcare credit, and if so, how much would the tax credit be?
  • What is the standard deduction for a taxpayer who files single and is over age 67 and blind?I am trying to determine if the taxpayer gets the additional standard deduction amount twice.
  • My itemized deductions add up to $27,000, but Turbo Tax says a standard deduction of 26,900 is better for me. What's up with that?
  • Can a person claim the standard deduction and dependents, house hold, and mortgage interset credit for the same tax year?

 

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