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unexpected milestone
Old 01-07-2010, 09:52 PM   #1
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unexpected milestone

I was working on our taxes today and discovered that for 2009 (and forward) we will be better off with the standard deduction than itemizing.

Which is really fun because I associate that with retired people who have little or no mortgage (we plan to pay ours off)

We actually still have 9 years and $130k to go, but it's still fun
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Old 01-07-2010, 10:19 PM   #2
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Congratulations! It's a lot of fun, and a lot less hassle.
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Old 01-07-2010, 10:34 PM   #3
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I am heading in the other direction as far as itemized deductions go. For my state income tax return, I will be returning to itemizing my deductions because of the health insurance premiums following my retirement in late 2008. I had been itemizing on the federal side since 1989 but had stopped itemizing on the state side in 1998 after I paid off the mortgage.

On the upside for 2009, I won't have to file any New Jersey non-resident return after I retired in 2008 - I was working in NJ since 2001 but live in NY. And no annoying special Resident Credit form for NY, too.

Overall, it is a good trade.
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Old 01-08-2010, 02:35 PM   #4
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I don't recall EVER NOT itemizing. Unfortunately, that won't be changing any time soon. Just took on a mortgage (what were you thinking?!) and have been raiding the 401(k) pretty hard. We also are committed to several charities, so it all requires itemizing to come out. Fortunately, we have a tax guy who does the heavy lifting for us - for a price.
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Old 01-08-2010, 02:47 PM   #5
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Quote:
Originally Posted by Koolau View Post
I don't recall EVER NOT itemizing. Unfortunately, that won't be changing any time soon. Just took on a mortgage (what were you thinking?!) and have been raiding the 401(k) pretty hard. We also are committed to several charities, so it all requires itemizing to come out. Fortunately, we have a tax guy who does the heavy lifting for us - for a price.
>sigh<
wouldn't it be great if they'd put charities and real estate taxes on the 1040A? Those two things will probably keep me itemizing for the rest of my life.
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Old 01-08-2010, 03:23 PM   #6
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I have to admit, I'm excited about not having to save receipts every time we drop off a bag at goodwill.
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