TWR Posted February 7 Share Posted February 7 As a w-2 employee, what if anything can be deducted for tax purposes for federal returns? I understand a lot went away for w-2 PAs in 2018. Quote Link to comment Share on other sites More sharing options...
sas5814 Posted February 7 Share Posted February 7 I'm married filing joint so the standard deduction is $27,700 and I just take that. So many deductions were eliminated it isn't worth all the math and paperwork for me to even try to itemize. 1 Quote Link to comment Share on other sites More sharing options...
TWR Posted February 8 Author Share Posted February 8 thanks. Quote Link to comment Share on other sites More sharing options...
ohiovolffemtp Posted February 9 Share Posted February 9 Me too. With that level of the married filing jointly, even with mortgage interest and charitable contributions my wife and I can't come close to having enough to itemize. Quote Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted February 9 Moderator Share Posted February 9 If you work rural, your state may give you a state tax credit. I get $4000/yr. Quote Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted February 9 Moderator Share Posted February 9 15 hours ago, ohiovolffemtp said: Me too. With that level of the married filing jointly, even with mortgage interest and charitable contributions my wife and I can't come close to having enough to itemize. I am mixed 1099/W2, so I have an accountant who does all the math. It is well worth it. I write off all licenses, memberships, mileage, hotels, etc under the 1099. 1 Quote Link to comment Share on other sites More sharing options...
Boatswain2PA Posted February 10 Share Posted February 10 (edited) Met with my accountant today: W2 income #1: $30K into 457B plan. $6K into 529 plan (my state allows $6K deduction) This also pays the entirety of Social Security Tax on the first $160K. W2 income #2: $1500 into 401K (but they pay additional social security tax, which means we are over) Wife's W2 income: No deductions (but they pay additional social security tax, which means we are over) 1099 income: Licenses, CME, mileage, scrubs, office supplies, cell phones, home office footage, etc. $28,500 into Solo 401K. I turned $36K in 1099 income into $752 taxable. Charitable contributions of $22,500. Property tax: $9250 Mortgage interest: $11,500 Rental/ag income took a big hit this year. Edited February 10 by Boatswain2PA 1 Quote Link to comment Share on other sites More sharing options...
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