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Form Schedule A Itemized Deductions

Form Schedule A Itemized Deductions

November 30
00:00 -0001

INSTRUCTIONS: ITEMIZED DEDUCTIONS (Form 1040 Schedule A)

 

“Itemized Deductions Form 1040 Schedule A Step 1”

You only deduct medical and dental expenses that exceed 7.5% of the amount on Form 1040, line 38.  Regard the instructional guide to see what expenses you can deduct, then take the following steps:

· 2: enter amount from Form 1040, 38

· 3: multiply line 2 by .075

· 4: Subtract line 3 from line 1 (if line 3 is more, enter 0)

“Itemized Deductions Form 1040 Schedule A Step 2”

Check the appropriate box on line 5 and enter the amount, then take the following steps:

· 6: include state, local, and foreign taxes you paid for non-business, but only if taxes are based on assessed value of the property

· 7: enter amount of personal property taxes

· 8: List other taxes and the type

· 9: Add lines 5 through 8

“Itemized Deductions Form 1040 Schedule A Step 3”

On line 10, enter home mortgage interest and points reported on Form 1098, then take the following steps:

· 11: List mortgage interest not reported on 1098 (see instructions if paid to former homeowner)

· 12: Points not reported on 1098 (see instructions for special rules)

· 13: List amount of mortgage insurance premiums after December 31, 2006 (see instructions)

· 14: List investment interest and attach Form 4952 (see instructions)

· 15: Add lines 10 through 14

“Itemized Deductions Form 1040 Schedule A Step 4”

· 16: Amount for gifts by cash or check (see instructions for gifts over $250)

· 17: Amount for gifts not by cash or check (see instructions)

· 18: Carryover from prior year

· 19: Add lines 16-18

“Itemized Deductions Form 1040 Schedule A Step 5”

· 20: Amount of theft or casualty losses (attach Form 4684 and see instructions)

· 21: Unreimbursed employee expenses (attach Form 2106 or 2106-EZ and see instructions)

· 22: Tax preparation fee

· 23: Other expenses

· 24: Add lines 21-23

· 25: Amount from Form 1040, line 38

· 26: Multiply line 25 by 2%

· 27: Subtract line 26 from 24 (if 26 is more enter 0)

· 28: List other miscellaneous deductions from instructions

“Itemized Deductions Form 1040 Schedule A Step 6”

· 29: Add amounts in right column for 4-28 and enter amount from Form 1040, line 40

 

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