What was the standard deduction for 2015?
What was the standard deduction for 2015?
Standard Deduction and Personal Exemption The standard deduction will increase by $100 from $6,200 to $6,300 for singles (Table 2). For married couples filing jointly, it will increase by $200 from $12,400 to $12,600. The personal exemption for 2015 be $4,000.
What are some miscellaneous itemized deductions that are not subject to the 2 limitation?
Miscellaneous tax deductions that are not subject to the 2% limit include:
- Amortizable premium on taxable bonds.
- Casualty and theft losses from income-producing property.
- Federal estate tax on income in respect of a decedent.
- Gambling losses up to the amount of gambling winnings.
How do you determine itemized deductions?
Itemized deductions are listed on Schedule A of Form 1040. You must save all receipts in case the IRS asks to see them if you are audited. Additional proof of expenses could include bank statements, insurance bills, medical bills, and tax receipts from qualified charitable organizations.
How do I fill out itemized deductions?
In order to claim itemized deductions, you must file your income taxes using Form 1040 and list your itemized deductions on Schedule A:
- Enter your expenses on the appropriate lines of Schedule A.
- Add them up.
- Copy the total amount to the second page of your Form 1040.
What were tax rates in 2015?
2015 Federal Income Tax Rates
| If your taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $9,225 | 10% |
| $9,225 | $37,450 | $922.50 + 15% |
| $37,450 | $90,750 | $5,156.25 + 25% |
| $90,750 | $189,300 | $18,481.25 + 28% |
What was the child tax credit in 2015?
The Bipartisan Budget Act of 2015 made the $3,000 refundability thresh-old permanent. As noted earlier, The Tax Cuts and Jobs Act of 2017 doubled the CTC for children under 17 from $1,000 per child to $2,000 per child, effective in 2018. The refundable portion of the cred-it was limited to $1,400 per child.
What miscellaneous itemized deductions are allowed in 2019?
Miscellaneous Deductions Subject to the 2% AGI Limit
- Appraisal fees for a casualty loss or charitable contribution.
- Casualty and theft losses from property used in performing services as an employee.
- Clerical help and office rent in caring for investments.
- Credit or debit card convenience fees.
What deductions can be itemized?
Itemized deductions include amounts you paid for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses from a Federally declared disaster. You may also include gifts to charity and part of the amount you paid for medical and dental expenses.
What itemized deductions are allowed in 2019?
Tax deductions you can itemize
- Mortgage interest of $750,000 or less.
- Mortgage interest of $1 million or less if incurred before Dec.
- Charitable contributions.
- Medical and dental expenses (over 7.5% of AGI)
- State and local income, sales, and personal property taxes up to $10,000.
- Gambling losses17.
What is the child tax credit for 2015?
What was the capital gains tax rate in 2015?
Head of household
| 2015 Capital Gains Tax Rates | ||
|---|---|---|
| Single | Married Filing Jointly | Tax Bracket |
| Up to $9,225 | Up to $18,450 | 10% |
| $9,225 to $37,450 | $18,451 to $74,900 | 15% |
| $37,451 to $90,750 | $74,901 to $151,200 | 25% |