Schedule A 2012: Fill & Download for Free

Yes students and business apprentices from India can claim the standard deduction provided that you or your spouse do not file a return where you itemize deductions.For most aliens, the standard deduction is only available if you file form 1040 which would mean you are a US citizen or resident. If you do not qualify as a US resident, then you file form 1040NRhttp://www.irs.gov/pub/irs-pdf/p519.pdf which still allows itemized deductions, but not a standard deduction on the form.That creates some confusion for non-resident students from India, because the form does not have a place to allow the standard deduction. What you need to do is on page 3 (schedule A) of form 1040NR on line 14 under miscellaneous deductions enter the amount of the standard deduction and in the description write "standard deduction under Article 21(2) of US-India tax treaty".There is a worksheet in Publication 519 from the IRS http://www.irs.gov/pub/irs-pdf/p519.pdf that will help you calculate your standard deduction.One final thought is that even though the F1 visa days in the US don't count toward substantial presence, you may still be able to qualify for dual status under the first year choice rules since you were in the US for more than 31 days, assuming you intend to stay in the US for 2012. If you were married on or prior to Dec 31, 2011, and intend to stay during 2012 or your spouse is a US resident or citizen for 2011, you can file as a resident alien for the entire year.

From Publication 590 (2012), Individual Retirement Arrangements (IRAs), you can be exempt from the 10% additional tax whenever:You have unreimbursed medical expenses that exceed 7 1/2% of your adjusted gross income - note that you do not have to file Schedule A to take advantage of this exception;You pay for medical insurance for yourself and/or your spouse and dependents during a period of unemployment;You are totally and permanently disabled;You are the beneficiary of a deceased IRA owner (this does not apply if you are the spouse of the deceased and elect to treat the IRA as your own);You receive distributions in the form of an annuity;You pay qualified higher education expenses for you and/or your spouse, children, and grandchildren, such as tuition and required fees, that are not covered by other tax-free payments;You use the distribution to build, buy, or rebuild a first home, up to $10,000;The distribution is due to a qualified IRS levy on the plan;You receive the distribution as a member of the military reserve during a period of active duty of either (a) at least 180 days or (b) for an indefinite period.Also, if any part of the distribution represents a return of nondeductible contributions, that portion of the distribution is also not subject to the 10% tax - which is why it's important to report those contributions on Form 8606, http://www.irs.gov/pub/irs-pdf/f8606.pdf, every year you make them.Note that distributions are exempt only to the extent that the distribution does not exceed the expenses - so if, for example, you take a distribution of $10,000 but only have $5000 of qualifying unreimbursed medical expenses above 7 1/2% of AGI, you can only exempt $5000 from the additional 10% tax,

When a taxpayer files a tax return (s)he has the option of taking either the Standard Deduction or Itemized Deduction. Even though both Standard Deduction and Itemized Deduction reduce adjusted gross income to arrive at taxable income, a taxpayer should compare the amounts obtained through both methods and use the one which gives a larger tax deduction.Standard Deduction Amounts:The Standard Deduction amount is based on a taxpayer’s filing status for the tax year. Additional standard deduction amount(s) are added to the basic standard deduction amounts above if taxpayer is above age 65 and/or blind.Itemized Deduction Amounts:Itemized Deductions are usually listed and added on IRS form Schedule A. They are usually based on after-tax money that is spent by a taxpayer during the tax year on several items for which (s)he gets a tax deduction when filing taxes.Some items that can be itemized are subject to thresholds. e.g. Per the Health Care Reform Act, medical expenses only in excess of 10% of adjusted gross income for tax years beginning 2013 can be deducted. If a taxpayer did not spend more than 10%(more than 7.5% for tax years 2012 and before) then (s)he cannot take it as a deduction. Also, there is a 2% income threshold to deduct miscellaneous items such as tax preparation fees, unreimbursed job expenses etc.For details visit: http://tmblr.co/ZW8wLsrNo6S7