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Alabama Itemized Deductions

Article ID: 34465  

Question
Alabama Itemized Deductions

Answer

Federal Gift Taxes
Federal Gift Taxes are deductible only if you are the person making the gift and you paid the tax. (The person receiving the gift cannot claim this deduction even though he paid the tax.)

Qualified Long-Term Care Coverage
Premiums paid pursuant to a qualifying insurance contract for qualified long-term care coverage paid by the taxpayer may be deducted separately on line 25 of your Alabama Schedule A. Qualified long-term care services include care for necessary diagnostic, preventive, therapeutic and rehabilitative services and maintenance or personal care services which are required by a chronically ill individual in a qualified facility or services which are provided pursuant to a place of care prescribed by a licensed health care practitioner.

Generation-Skipping Transfer (GST) Taxes
Generation-Skipping Transfer Taxes imposed on income distributions by 26 U.S.C. 2601 are deductible if you paid or accrued the taxes within the taxable year.

Railroad Retirement Tax
You can deduct the Railroad Retirement Tax you paid in the tax year. Only your contribution to tier one railroad retirement is deductible as an itemized deduction.

 

http://revenue.alabama.gov/incometax/2013_forms/13f40bk.pdf, Schedule A, pg 18

 


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Views: 367 Created on: Jun 15, 2013