Short form or long form 1040

[ksumn1]

Trying to decide if dh and I should file long or short form this year on our taxes. Normally, we just take the standard deduction plus, EIC, 401k contribution credit, child tax credit for childcare and come out with a large refund. Dh's company still has his filing info as single and 1, not married and 2 ( to adjust it to a more reasonable amount) even after sending in the paperwork numerous times. But last year, we had several unusual incidents to claim this year

1. House fire in july, total loss, payout from insurance company for about $2000 less than assessed market value. ($14,000 total payout)
2. Payout for loss of contents for about $6000 less than what we had in the home. ($7000)
3. Payout from 401k loan used to pay for having lot graded, old home moved out, down payment, new furnishings etc. ($15,000 DID pay estimated federal tax on this so hopefully no liability)
4. Donations from church etc for about $500
5.I had student loans for the first time ever. Stafford loans that I have to repay. (around $3000)
6. 3 months of mortgage payments ($550 month, not sure interest amount no payment book)
7. Out of pocket costs for school books, extra tuition, meals etc ($1000 est)
8. DH works in a field where he has to have specialized work clothes and tools. Also works out of town so he can take mileage and other expenses as well. (around $1200 est)
9. Medical bills for minor illness, prescriptions and OOP expenses for a weight loss program for 9 months. ($900)

I'm thinking long form may be best, but I've always done our taxes, but I'm not sure if I can handle it this year on my own. I haven't tried, granted, and I have taken some accounting classes so I'm not clueless but just concerned it may be too complex.

Also, DH kept receipts for none of his expenses. I told him he needed to but for some reason he didn't. Won't I need to take these when we go to file, or can I simply write it down??

Thanks so much for any advice you can give.

 

[Green Tea]

TurboTax.

 

[Cheshire Figment]

I would say go with the regular 1040 rather than the 1040A.

The 1040A is just the 1040 with some lines missing and renumbered. Similarly the 1040-EX is the same again but with fewer lines.

And as far as not having receipts, they are really only needed if you get audited. But if he has contemporaneous records, such as a calendar book, with the information written down that can be anb acceptable substitute.

And I would very strongly suggest getting a copy of IRS Form 4684 Instructions and Publication 584.

You might also look into getting a program such as Turbo Tax which can be of real use with your new complexities.

Mike (CPA Retired)

 

[ksumn1]

Thanks for all the help. We used TaxAct last year and it was ok, but I wan't that impressed. Maybe I'll check out TurboTax this year. And I'll try to slug through it when we get w-2's and then determine if it's too much.

Thanks Mike for the suggestion of the publication!!

 

[bettymae1121]

Turbo Tax I think would work well for you. You plug in all the info (every last little bit) and at the end it will tell you if you are better off doing the standard deduction or itemizing. You pick the one that is best for you and it fills out and files the appropriate return.

As for not having receipts, you can file without them but if you get audited, it could cause a problem. If your return is straight forward with no out of the ordinary deductions, the odds of getting audited are almost zero, so I'd go ahead a deduct. If you have some odd-ball stuff that could put you on the audit radar, you may be better off leaving it out.

 

[CowboyCO]

I like Turbotax as well. I do it all online with them...