0
Nothing really, they're usually lost. Certain deductions (donations to charity if they exceed a certain threshold, adoption expenses, some others) may be carried over to the next year, but for more typical deductions on a return, the deductions stop at zero taxable.
If this is the case, check and see if the standard deduction is enough to get you to zero taxable income as well, so that you can then avoid itemizing at all (far lower audit risk, so I've heard, but who can really tell) which at the very least means you're sharing a bit less of your info with Big Brother. :-)
Of course, you can still get Earned Income Credit, Child Tax credit and some others given to you as a refund, but the excess itemized deductions do not turn into credits.
HTH!
What else can I help you with?
What happens if you have more deductions than income on your tax return?
If you have more deductions than income on your tax return, you may end up with a negative taxable income. This means you won't owe any taxes and may even receive a refund for the excess deductions.
What does 1041 K-1 final year deductions mean?
Expenses in excess of taxable income at the Estate or Trust level may be passed out pro rata to the Beneficiaries. The amount shown on K-1 Part III Line 11 carries to the beneficiary individual return, Schedule A. This may yield a tax benefit, subject to a reduction by 2% of AGI, and further subject to whether total itemized deductions exceed the Standard Deduction. It is worth going through the exercise, unless there are no other itemized deductons.
Are refinancing proceeds in excess of costs taxable?
Never subject to income tax
Is excess domestic solar power generation classified as taxable income?
yes
Is 13th month pay taxable?
(in the US) All earned income and bonuses are taxable. (in the Philippines) If together with other financial benefits the total do not exceed P30,000.00, then it isn't taxable. If it exceeds the said limit, the amount in excess shall be taxable.
What is the process for handling excess SEP contributions?
Excess SEP contributions are typically withdrawn by the employer and any earnings on the excess amount are included in the employee's taxable income for the year. It's important to address excess contributions promptly to avoid penalties from the IRS.
What is the income tax rate in Georgia?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
What is the Georgia income tax rates?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
What happens to excess carbohydrates?
all excess carbohydrate turn into fat or are converted into glucose
What happens excess blood after transfusion?
death
What happens when chloride is taken in excess?
vomitting
How much to you have to earn in order to contribute to Roth IRA?
You need to have taxable income at least equal to the amount you contribute to your Roth IRA. If you contribute $5,000, but have only $4,000 in taxable income, you need to pay taxes on $1,000 excess contribution.
