| 40 | | ::Most graduate students will not need to do anything more than the standard deduction (~$5300) unless you had a child, bought a house, had en enormous medical expense, started a business or did something that requires itemization. Donation to charities unless it is in the realm of thousands of dollars a year will not likely affect your taxes. Same goes for educational expenses. By all means, add up your deductions to see if itemization will work for you, but for most graduate students the standard deduction will be higher. Additionally, don't forget that the sales tax in New York City which is, as of 2012 8.875% can be entered into the itemized deductions worksheet and often counts as a sizable deduction (upwards of a $1000 for many graduate students). Online tax prep software will do this for you. |
| | 40 | Most graduate students will not need to do anything more than the standard deduction (~$5300) unless you had a child, bought a house, had en enormous medical expense, started a business or did something that requires itemization. Donation to charities unless it is in the realm of thousands of dollars a year will not likely affect your taxes. Same goes for educational expenses. By all means, add up your deductions to see if itemization will work for you, but for most graduate students the standard deduction will be higher. Additionally, don't forget that the sales tax in New York City which is, as of 2012 8.875% can be entered into the itemized deductions worksheet and often counts as a sizable deduction (upwards of a $1000 for many graduate students). Online tax prep software will do this for you. |
