On the itemization part, where you can itemize your deductions, a lot of things went away. If you notice, this paragraph is smaller because a lot of things went away. So let's read number one on this page. It says, "Interests Amiri 2018 itemized deductions." These include qualifying home mortgage interest, charitable contributions, state and local taxes up to ten thousand. They actually limited this state and local taxes deduction. Then, there are medical expenses in excess of 7.5%. On this itemization part, I'm gonna put a zero here because I don't know if you itemize or not, and I don't want to confuse you. But just know this, if you're going to fill out the form on your own, your itemization has to exceed the standard deductions. Let me say it one more time, your itemization has to exceed the standard deductions. So we didn't exceed the standard, and these are the standard deductions right here. You have $24,000 for married filing jointly. That means you have to itemize more than $24,000 to be able to qualify. For head of household, you have $18,000, so you have to itemize more than $18,000. For filing separately, you have $12,000, so you have to itemize more than $12,000 to be able to do your itemizations. In this case, if you were itemizing or if you were taking the standard, it tells you here to enter in just which deduction you qualify for. So, for example, I'm going to put zero here because I don't know your situation as it relates to itemizing. Because I don't know every situation, let me take a slight break real quick. I gotta make some adjustments. I mean, one second, alright? Now let's keep going. So I'm putting a zero here. Line three says to subtract line two...
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2023 5498 Form: What You Should Know
Form 5498, IRA Contribution Information — 2 Apr 18, 2024 — Form 5498: IRA Contribution Information—2 reports to the IRS your IRA contributions to determine whether your income could have been higher for taxes you did not pay. A Form 5498 also tells you whether you qualify for the lower rate deduction for IRA contributions from the same taxable income. If so, the income from the higher-rate IRA contribution may reduce your adjusted gross income Sep 18, 2024 — Form 5498: IRA Contribution Information—2018 reports to the IRS your IRA contributions for the 2024 and 2024 tax years and your contribution to qualified retirement plans. The tax-exempt portion of the contribution is usually reported on a separate line on Form 8606.
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