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| Tax School Homepage |
| You may benefit from itemizing your deductions on Form 1040, Schedule A if you cannot use the standard deduction, had large uninsured medical and dental expenses, paid interest or taxes on your home, had large unreimbursed employee business expenses, had large uninsured casualty or theft losses, or made large charitable contributions. |
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You may be subject to limitations on some of your
itemized deductions. In addition to these limits, beginning in 2013, your
total itemized deductions may be reduced if your adjusted gross income
exceeds * Single - $250,000 * Married filing jointly or qualifying widow(er) - $300,000 * Married filing separately - $150,000 * Head of household - $275,000 |
| Generally, you must decide whether to itemize deductions or to use the standard deduction. You should itemize deductions if your allowable itemized deductions are greater than your standard deduction. Some taxpayers must itemize deductions because they cannot use the standard deduction. For example, you cannot use the standard deduction if you are married filing as married filing separately, and your spouse itemizes deductions. In this case you must also itemize your deductions regardless if the result is less than any of the standard deductions. |
| Therefore, you cannot use the standard deduction if you are married filing as married filing separately, and your spouse itemizes deductions. If you are filing a tax return for a period of less than 12 months because of a change in your annual accounting method then your standard deduction would also be zero or cannot be used at all. Nonresident aliens or dual-status aliens are also prohibited from using the standard deduction. You may benefit from itemizing your deductions on Form 1040, Schedule A if you had large unreimbursed employee business expenses, had large uninsured medical and dental expenses or if you had large uninsured casualty or theft losses, or made large charitable contributions. |
| Deductible Taxes |
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There are four types of deductible non-business taxes.
These are:
* State, local and foreign income taxes, * State, local and foreign real estate taxes * State, and local personal property taxes, and * State and local general sales taxes |
| To be deductible, the tax must be imposed on you and must have been paid during your tax year. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A, Itemized Deductions. State and local income taxes withheld from your wages during the year appear on your Form W-2. You can |
| Copyright © 2014 [Hera's Income Tax School]. All Annual Federal Tax Refresher Course rights reserved. |
| Revised: 05/28/15 |
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