Nan Eklund wrote:

- quote -

Well, I wouldn't write "WHOOPEE" unless I was rich. Given a
graduated income tax and deductions that are taken off the
top, deductions are only a clever way of transferring tax
payments from the rich to those less well off. It is such a
good scam that almost all of us who are being scammed like
it!

dick w

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Nan Eklund <naneklund[at]aol.com> wrote:

- quote -

Nan,

You've mixed the $9500 MFJ deduction with the non-MFJ 1150
additional deduction.

For MFJ, each person age 65 or more gets a $950 deduction.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"Cher" <ctcdtm[at]juno.com> wrote:

- quote -

that is correct, you cannot deduct the charitable
contributions if you use the standard deduction. Bush is
trying to change it though.

bill

You can find free tax advice in your area by calling
888-227-7669; or go to http://www.aarp.org/taxaide/ or
the IRS website www.irs.gov

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Cher wrote:

- quote -

ah.. cher Cher;

Congress in it's finite wisdom decided long ago (dont' ask!)
that taxpayers deserved some "standard deduction", an amount
they didn't have to prove that they're entitled to. through
the years this amount has escalated to the present 9500$ for
a married couple. In other words, that amount you do not pay
tax on.

If you instead "choose to itemize", and you may by the way,
then your deductions are limited to what you have.....the
260$, since I imagine even your husband's union dues would
be done in by the 2% of income threshhold.

So, had you rather deduct 260? or 9500?

Your choice.

cheer$,
Harlan LUnsford, EA n LA

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Cher wrote:

- quote -

Yes it is true. The taxpayer may take the standard
deduction or they may elect to itemize each of the allowable
expenses they paid and use that amount. Naturally, one
would use "itemizing" rather than the standard deduction if
that calculation provides a better tax benefit.

--
Alan
http://taxtopics.net

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ctcdtm[at]juno.com (Cher) writes:

- quote -

That's what it means. Double check your state's
instructions. I've heard that some allow a deduction for
charitable contributions even if you don't itemize.

Phil Marti
Topeka, KS

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Yes, you get $9500 off your income without having to save a
single receipt. But you can't take the $260 in addition.

Join the rest of us who: 1) have little or no mortgage left,
2) are not very sick, 3) are not very charitable, 4) do not
have much in employee expenses.

WHOOPEE!. The standard deduction is much more than we
actually could deduct. I used to grouse about the loss of
the extra personal exemption for being 65+ but there is now
an addition to the standard for being 65+, not as much but
helpful. Extra $1150.

Nan, EA in LA

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ctcdtm[at]juno.com (Cher) wrote:

- quote -

Why do you hope it isn't true? You got a larger deduction,
and hence pay less tax, by using the standard deduction.
What's the problem?

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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ctcdtm[at]juno.com (Cher) writes:

- quote -

Practically speaking, yes, that's what it means -- the $260
donation will have no impact on the amount of tax you owe.

However, it may have an impact on your state income tax, if
your state allows a deduction for charitable donation and
that deduction isn't tightly linked to the deductions
claimed on your Federal return.

See Tax Topic 501 at http://www.irs.gov/taxtopics/tc501.html
for more information about itemizing.

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Sorry if I sound like an idiot, but am I missing something here?

I donated $260 to United Way this past year (2003).
Co-workers tell me I can deduct it using Form 1040. I am
married, filing joint. We filled out schedule A (260 for
United Way; 360 for my husband's union dues). When I did
the math, form 1040 instructed me to enter the amount from
Schedule A or the standard deduction (something like $9500 -
I don't have it in front of me)... of course the standard
deduction was higher, so I put that in the line.

Does this mean that I can't deduct the $260 charitable
donation anywhere????? I hope this isn't true, but maybe
someone more experienced can fill me in.

Thanks,
Cher

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