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Tax Q&A: What's the deduction?


What is the standard deduction? And are there extra benefits this year for anyone who doesn’t itemize?

The standard deduction for 2009 taxes is $11,400 for those who are married and filing jointly. For singles, it’s $5,700. 87655300.jpg
If you were 65 or older last year, you can add $1,100 to that amount for married filing jointly. If you are single, you can add $1,400.

For this tax year only, if you don’t itemize your taxes, you are allowed to add up to $500 for singles and up to $1,000 for married filing jointly if you paid state or local real estate taxes.

Also, those who don’t itemize may be able to add sales tax on the purchase of a new vehicle last year.

That purchase had to be made after Feb. 16 and the additional deduction is for sales tax on vehicles purchased for up to $49,500. If you paid more than that, you can’t add the entire sales tax amount to your bill. There are some income limits on this provision.

Ask your question at: SunSentinel.com/taxquestion

Categories: Taxes (41)
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Comments

If in 2009 everything was identical to 2008 on your taxes will the result be the same or has the tax table be adjusted up or down this year.


Using the 1040A:
On the standard Decuction, my husband and I are entitled to take $2,200 being over 65.
But: To use the deduction OF $1,000 for Real Estate Taxes on the Schedule L form; there is no way on the 1040A form to get both deductions. How can we get both deductions added to the Standard Deductions? ?


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You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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