ilmscore | Prediction Details
"so if you are a married person and you do not have a mortgage greater than three hundred and fifty thousand dollars and you do not make a wild amount of charitable contributions then you will most likely ignore this section as well 4b you'll ignore this the reason why I say that is that the standard deduction for married filing jointly it's going to be just above $24,000 in that situation if your mortgage interest is not above about $14,000 then you're probably going to use the standard deduction so I'm just assuming assumptions here that if you have a $350,000 mortgage you know and the interest rate that you receive is about four percent then the mortgage interest will be about fourteen thousand you'll have property taxes state taxes paid but that will be capped at ten thousand so that'll get you to the equivalent of the standard deduction amount of about twenty four thousand so if you do not have mortgage above three hundred fifty thousands and you are not making a lot of charitable contributions then you're most likely just gonna leave this blank but if you have a mortgage above three hundred fifty thousands or you have a lot of tradable contributions or a combination or you have a lot of medical expenses that qualify then yeah you're going to be working you're going to want to use the deductions worksheet on page three for more details"
By ClearValue Tax | December 17, 2019 | Pending
From video
How to fill out a W4 Form 00:15:30 - 00:16:59
Interpreted Prediction
Married filing jointly individuals with a mortgage below $350,000 and modest charitable contributions are likely to use the standard deduction. However, those with a mortgage above $350,000, significant charitable contributions, or qualifying medical expenses may need to itemize deductions.

Prediction Details

Topic
Itemizing Deductions for Married Filing Jointly

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