If you are filing your tax returns as an individual, you will need to itemize your taxes if?
A. The sum of your deductible contributions is less then $300.
B. The sum of your deductible contributions exceeds $300.
C. You dont have any deductible contributions.
D. You donated to a religious institution.
B. The sum of your deductible contributions exceeds $300.
B. The sum of your deductible contributions exceeds $300.
To determine whether you need to itemize your taxes when filing as an individual, you would typically consider the total amount of your deductible contributions. Deductible contributions include expenses such as mortgage interest, state and local taxes, medical expenses, and charitable donations.
The options provided are:
A. The sum of your deductible contributions is less than $300.
B. The sum of your deductible contributions exceeds $300.
C. You don't have any deductible contributions.
D. You donated to a religious institution.
If the sum of your deductible contributions is less than $300 (option A), you would not need to itemize your taxes. Instead, you would most likely take the standard deduction, which is a fixed amount set by the government and allows you to reduce your taxable income.
If the sum of your deductible contributions exceeds $300 (option B), you would generally be required to itemize your taxes. This means you would list and provide documentation for each individual deduction you are claiming.
If you don't have any deductible contributions (option C), it would be unnecessary to itemize your taxes. In this case, you would again most likely take the standard deduction.
Lastly, if you donated to a religious institution (option D), it would depend on the total amount of your deductible contributions. If the sum of your contributions exceeds $300, you would need to itemize your taxes. However, if the sum falls below $300, you could choose to take the standard deduction instead.
In summary, the correct answer is B. You would need to itemize your taxes if the sum of your deductible contributions exceeds $300.