Income tax question about deductions

exalted512
exalted512 Posts: 10,735
edited April 2 in Clubhouse Archives
I just got done doing my income tax on turbotax.com. I did first with just entering in the information off of my w2, then i did it again putting my $500 worth of tools i used for work in. No difference. The only thing I can think of is that most of them i only had for the last couple months of the year. Anybody know anything else about this crap? Next time I wont be sitting here for an extra 45 minutes doing deductions when it doesnt even help...
-Cody
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Post edited by RyanC_Masimo on
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  • unc2701
    unc2701 Posts: 3,587
    edited March 2006
    I could be wrong, but there's a standard deduction- if you don't have anything else and the standard deduction is greater than the itemized one then it doesn't matter.
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  • disneyjoe7
    disneyjoe7 Posts: 11,435
    edited March 2006
    Correct, if you don't have enough to break out of the "Standard Deduction" it's time wasted. Single its $5000 if under it doesn't matter.

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  • scottnbnj
    scottnbnj Posts: 709
    edited March 2006
    unless you used them for your business and entered them in schedule c.

    )
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  • exalted512
    exalted512 Posts: 10,735
    edited March 2006
    makes sense.

    I used turbo tax online and was going to get a $161 return. Did it again, for free, using H&R Block's tax cut that i found off the IRS's website, got $355 back. I double checked everything and its all entered in right...
    It took me 3 hours to do it on turbo tax finding and entering tools and ****. Did it in 10 minutes...for free...using H&R block and doubled my return...wow.
    -Cody
    Music is like candy, you have to get rid of the rappers to enjoy it
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  • Tour2ma
    Tour2ma Posts: 10,177
    edited March 2006
    I believe, as with most itemized deduction categories, e.g., Medical, work related expenses also must be in excess of a percentage of your Adjusted Gross Income.
    More later,
    Tour...
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  • disneyjoe7
    disneyjoe7 Posts: 11,435
    edited March 2006
    Tour2ma wrote:
    I believe, as with most itemized deduction categories, e.g., Medical, work related expenses also must be in excess of a percentage of your Adjusted Gross Income.


    True,

    But if he has income from a business he is running then the tools can be deducted from the gross income from the business income. So I believe this isn't under the same Adjusted Gross Income rule.

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    CS400i Center
    RT800i's Rears
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    Electronics
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    Pioneer 79Avi DVD
    Sony CX400 CD changer
    Panasonic 42-PX60U Plasma
    WMC Win7 32bit HD DVR


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  • seo
    seo Posts: 305
    edited March 2006
    disneyjoe7 wrote:
    True,

    But if he has income from a business he is running then the tools can be deducted from the gross income from the business income. So I believe this isn't under the same Adjusted Gross Income rule.

    That is right. If it is his own business, he can deduct on his Scedule C. If he was employed by someone else, it would be deduction on Schedule A if large enough.
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