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Posted by RichT on February 17, 2007, 5:36 am
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>> Thanks all for your responses. And perhaps I am a bit
>> confused but have been itemizing since 1980 with or w/o
>> these fandangled tax s/w programs just not much with stocks
>> and also not being able to itemize.
> You still seem to be very confused. You say you have been
> itemizing since 1980 and in the same sentence you say
> "...and also not being able to itemize". This doesn't make
> sense.
The reason it doesn't make sense to you did not read and
comprehend the rest of my post. Since you snipped it I'll
leave it upto you to determine what I said
>> My angle was as silly as it may sound, is that if I didn't need
>> to report the few $$ loss and since I don't have enough
>> deductions to itemize then I can't take advantage of some of
>> the other goodies that are on schedule A but that are also
>> (but not the telephone tax) on 1040A as well.
> The 1040A form is just a simplified version of the 1040
> form. It does not give you any advantage over the 1040
> form.
For me and perhaps thousands of others, yes it does, see
below
> If you qualify to use the 1040A form, it can reduce
> the amount of paper you have to print and send (there is no
> advantage if you e-file).
>
> Exactly why do you seem to think that there is some other
> advantage of using the 1040A over the 1040?
>
> Just what are the "goodies" you think you can get by filing
> a 1040A instead of the 1040?
>
> BTW, Line 42 on the 1040A is where you put the telephone tax
> credit.
Yes one of the 'goodies' I refered to and you're right, I
missed that during my quick scan of the form
But
It appears that you are the one that seems confused on the
other issue. I'll try to explain. Since my deductions
allowed on Sch A do not come to a certain level I must take
the Std Ded. It's close but no cigar. I have a fairly large
contribution for charities that are worth $100's but they
are disallowed becuase I cannot use Sch A. Form 1040A allows
the charitible contributions at least to the $500 level, but
since I need to claim my (very) insignificant cap loss on
Sch D I can't use 1040A. In fact loss/gain must be reported
to establish basis as was pointed out in an earlier
post.....In this case the 1040A form would give me the
advantage, albeit only a couple a hundred bucks. One of the
problems with striving to become debt free is that if you
trade stocks you will never be able to take a tax advantage
of giving stuff away to the less fortunate. Wierd! Next
time I will be able to use 1040A because I'll be a bit more
smarter about when I trade my company's stock awards.
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