Schedule A Deductions Flashcards
0
Q
What are the five main deductible tax categories listed on Schedule A (section 2)
A
State and Local, which consists of either “Income Taxes” or “General Sales Taxes”. (Filers must choose one or the other)
“Real Estate Taxes”
“Personal Property Taxes”
“Other Taxes”
1
Q
How are state income taxes deducted on a Federal Return?
A
They are deducted in Schedule A in the second section called Taxes You Paid. The amount is equal to the total amount of State taxes actually paid in the year for which the return is filed. The state taxes paid may be in the form of withholding, estimated tax payments, or payments made in the year one is filing for taxes due for the previous tax year.
