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Itemizing Deductions

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Itemizing Deductions


You choose to itemize when the total of your deductions is a larger dollar figure than the standard deduction. Your standard deduction is determined by which filing status is used.

Here is a list of common itemized deductions with links to more information about them thru the IRS web site.

Should I Itemize? Topic 501
Medical and Dental Expenses Topic 502
Deductible Taxes Topic 503
Home Mortgage Points Topic 504
Interest Expense Topic 505
Contributions Topic 506
Casualty and Theft Losses Topic 507
Miscellaneous Expenses Topic 508
Business Use of Home Topic 509
Business Use of Car Topic 510
Business Travel Expenses Topic 511
Business Entertainment Expenses Topic 512
Educational Expenses Topic 513
Employee Business Expenses Topic 514
Casualty, Disaster, and Theft Losses Topic 515


Do Not Deduct: 

  • Federal income and excise taxes.
  • Social security, Medicare, Federal unemployment (FUTA), and railroad retirement (RRTA) taxes.
  • Customs duties.
  • Federal estate and gift taxes.
  • Certain state and local taxes, including: general sales tax, tax on gasoline, car inspection fees, assessments for sidewalks or other improvements to your property, tax you paid for someone else, and license fees (marriage, driver's, dog, etc.).

State and Local Income Taxes

You can deduct:

  • State and local income taxes withheld from your salary during the tax year. Your W-2 form(s) will show these amounts. Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld.
  • State and local income taxes paid in the current tax year for a prior year, such as taxes paid with your \state or local income tax return. Do not include penalties or interest.
  • State and local estimated tax payments made during the tax year, including any part of a prior year refund that you chose to have credited to your current year state or lo-cal income taxes.

    Mandatory contributions you made to the California, New Jersey, or New York Nonoccupational Disability Benefit Fund, Rhode Island Temporary Disability Benefit Fund, or Washington State Supplemental Workmen's Compensation Fund. Mandatory contributions to the Alaska, California, New Jersey, or Pennsylvania state unemployment fund. Mandatory contributions to state family leave programs, such as the New Jersey Family Leave Insurance (FLI) program and the California Paid Family
    Leave program. Do not reduce your deduction by any:

    State or local income tax refund or credit you expect to receive for 2014, or Refund of, or credit for, prior year state and local income taxes you actually received in 2014. Instead, see the instructions for Form 1040, line 10.

    State and Local General Sales Taxes
    If you elect to deduct state and local general sales taxes, you must check box b on line 5. To figure your deduction, you can use either your actual expenses or the optional sales tax tables.





    Mandatory contributions


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Views: 1424 Created on: Jun 15, 2013
Date updated: Aug 19, 2015

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