Should I enter deductions in my income tax if I do not own taxes?
I just finish filling out my income taxes. The software says I have a credit of $2,747. Should I enter my deductions any way? Or should I save my time? Please help. Remember I do not own taxes; I even have a tax credit. Thank you.
Public Comments
- It depends. If the deductions would give you a larger refund, then by all means. If it won't change the refund, then why bother?
- What?
- Here is the scoop. You may have an earned income credit coming. You may also have a refund coming from taxes paid. If you do not fill out your 1040 and send it in you will not receive the refund or credit. Lo siento, amigo.
- No tax the standard deduction. You should verifiy that you have taken all available credits, though, since it may increase your refund.
- Bottom line - YOU OVERPAID
- By entering your deductions you will most likely increase your credit. If you are using a program such as Turbo Tax, then it won't take too much time and a few minutes could increase your credit by a few hundred dollars or more!
- Chances are good you would need more than $10k of itemized deductions for it to be more than your standard deductions. If you already entered your standard deductions (marital status, dependents, etc.) Then don't bother with Itemized deductions unless you accrued $20k+ worth of business-related expenses. (Mortgage or Rent associated with your business or line of work, or business supplies.)
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