Itemized or standard deduction?

Discussion in 'Trucker Taxes and Truck Financing' started by jack_hammer, Apr 14, 2012.

  1. Apr 14, 2012 #1
    jack_hammer

    jack_hammer Bobtail Member

    47
    2
    Aug 19, 2011
    Minnesota
    0
    Can i take the standard deduction if i have perdiem pay?

    Im asking because i did the schedule A and it came out to $2625 when the standard for me is $5800. (I think its like this because i only worked for 3 months in 2011, all as a company truck driver)

    If i take the standard deduction do i still have to file an employee expense form 2106, and if not, where do i enter in the perdiem i recieved in box 12 of my w2? (it appears form 2106 requires you to itemize on sched A?)

    Thanks
     
    jack_hammer, Apr 14, 2012
    jack_hammer, Apr 14, 2012
    #1
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  3. Apr 14, 2012 #2
    jack_hammer

    jack_hammer Bobtail Member

    47
    2
    Aug 19, 2011
    Minnesota
    0
    Either way i do it, my taxable income for 2011 is 0 so i guess it doesnt matter?
     
    jack_hammer, Apr 14, 2012
    jack_hammer, Apr 14, 2012
    #2
  4. Apr 15, 2012 #3
    Kujo

    Kujo Medium Load Member

    442
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    Feb 6, 2012
    in the middle
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    If your taxable income is 0 then you would get back what you paid in and that's it. Do it the simplest way possible because it's not going to change your return..
     
    Kujo, Apr 15, 2012
    Kujo, Apr 15, 2012
    #3
  5. May 15, 2012 #4
    cabwrecker

    cabwrecker The clutch wrecker

    1,626
    1,425
    Mar 23, 2012
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    With an itemized deduction you have to have quite a bit to make it worth while.
    I'm a Ptin level 2 certified tax preparer and have been for a few years. Almost all the audits I've ever seen happen were directly related to misuse or misappropriation regarding itemization of expenses.
    In short, its a huge pain in the ### and unless you have over several thousand dollars in expenses and even a few thousand in capital losses, I'd stay well away from itemizing.
     
    cabwrecker, May 15, 2012
    cabwrecker, May 15, 2012
    #4
    Buzzard2157 Thanks this.
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