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
