Full Return W/ Itemized Deductions
Answer the questions based off of what you learned via the training video
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Format: (000) 000-0000.
Why would a taxpayer with a higher AGI but strong Schedule C deductions still receive a large refund?
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Deductions increase AGI
Deductions reduce taxable income AND reduce self-employment tax
Credits apply automatically
Higher AGI always increases credits
If a taxpayer’s AGI increased and some credits decreased, why might the refund still be high
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Refunds do not consider AGI
Credits automatically double when AGI increases
Business deductions lowered their taxable income enough to offset credit reductions
Withholding is not considered
A taxpayer switched from the standard deduction to itemized deductions because their mortgage interest, property taxes, and charitable contributions were higher this year. Why did this increase their refund?
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Itemized deductions create new tax credits
Itemized deductions increase AGI
Itemized deductions exceeded the standard deduction, lowering taxable income more
The IRS rewards itemized filings
Which of the following itemized deductions MOST commonly causes a larger refund when added in TaxSlayer Pro?
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Medical Expenses
Clothing purchases
Mortgage interest + taxes paid
Car insurance
If a taxpayer itemizes but their deductions are lower than the standard deduction, what happens to the refund?
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Refund increases
Refund becomes zero
Refund decreases because they receive a smaller deduction
The IRS automatically adjusts it
Why does adding medical expenses rarely increase a taxpayer’s refund?
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Medical expenses are refundable
They qualify as credits, not deductions
Only medical expenses above 7.5% of AGI are deductible
TaxSlayer ignores medical deductions
A taxpayer’s itemized deductions totaled $25,800, and the standard deduction is $14,600. How does this affect the refund?
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No effect
Taxpayer must choose the standard deduction
Taxpayer receives an extra $11,200 reduction in taxable income, increasing the refund
Refund stays the same
A Texas taxpayer paid $4,000 in property taxes, but their estimated sales tax from IRS tables is $7,200. Which should they choose?
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Property tax only
Neither — choose standard deduction
Combine both for $11,200
Take the $7,200 sales tax deduction
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