Deductions - Standard deduction vs Itemized Deductions. When to use Itemized deductions vs Standard Deductions in 2020
This new 'How To' video covers Deductions, Standard deductions vs Itemized deductions.
Helpful IRS Form links for deductions and Form 1040 and 1040-SR:
Schedule A - Itemized deductions https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
(Form 1040 or 1040-SR Itemized deductions)
Form 1040 U.S. Tax Return https://www.irs.gov/pub/irs-pdf/f1040.pdf
Form 1040SR US Tax Return for Seniors https://www.irs.gov/pub/irs-pdf/f1040s.pdf
Standard vs Itemized Deduction video log...
0:55 Standard Deduction amounts for 2019
1:45 Who can't use Standard Deduction
2:30 Form 1040, Where to find Deduction Amounts
2:50 What does it mean to Itemize
3:10 When to Itemize vs take Standard deduction
3:26 Most common expenses to itemize
3:40 Mortgage interest deduction
4:35 Medical expense itemized deduction
5:20 Medical deduction example
6:22 Medical deduction - Chair lift
7:19 Items no longer deductions
7:53 Schedule A - Itemized deductions
Single Standard Deduction $12,200
Married filing separately Standard deduction $12,200
Married filing Jointly Standard deduction $24,400
Qualifying widow(er) Standard deduction $24,400
Head of Household Standard deduction $18,350
Unsure of the new filing status when filing form 1040?
W4 Tax Form 2020 has 3 variations in 2020.
W4 Tax Form 2020 Single
W4 Tax Form 2020 Head of Household
W4 Tax Form 2020 Married Filing Jointly
Katie St Ores has done a 'How To file a W4' video for each W-4 Form:
How to fill out a W4 Form 2020
How to fill out W4 single 2020 W-4
How to fill out a w4 Married Filing Jointly W-4 2020
How to fill out a W-4 Head of Household W4 2020
For W4 married filing separately, please watch How to fill out W4 single.
(W4 for Single is the same as W-4 for married filing separately)
Katie St Ores has also done other Standard Deductions related videos:
Items needed to prepare your taxes
How to replace missing W2
How to pay your taxes to the IRS
When to use Itemized deductions or use Standard deductions can be confusing. We hope these videos on Schedule A (itemized Deductions) and Standard Deductions are helpful in completing the IRS Form 1040 and 1040SR in 2020. One more Form Schedule A (Itemized Deductions) video are to be completed soon. These will be in the new How to File Tax form Playlist.
Good luck and Thanks again for watching Standard vs Itemized Deductions.
Please understand that these videos are for EDUCATIONAL purposes only and are very general.. All people and their financial situations are different. So it is important to consult your tax or financial professional.
Katie St Ores CFP®, ChFC®, EA, LTC
• 97 Hours of Continuing Education each year to maintain Professional designations
• CFP® - Certified Financial Planner
• ChFC® - Chartered Financial Consultant
• EA - Enrolled Agent - Empowered by the U.S. Dept of the Treasury
• Licensed Tax Consultant –Licensed by the State of Oregon
• Registered Investment Adviser- Oregon Div. of Financial Regulation
• Tax Accountant - Markusen & Schwing CPA's
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Katie St Ores CFP
Independent Medicare Agent
McMinnville, Oregon 97128
Katie St Ores CFP®, ChFC®, EA, LTC
St Ores Wealth Management llc
2020 Women’s Initiative (WIN) CFP® Board
2020 Financial Women to Watch on Youtube
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