2023 Form 1040 Schedule A - Itemized Deductions
Federal Form 1040 Schedule A, also known as "Itemized Deductions," is a supplemental form used by taxpayers in the United States to report various expenses that can be deducted from their taxable income. Instead of claiming the standard deduction, individuals who have qualifying expenses exceeding the standard deduction amount may choose to itemize deductions on Schedule A to potentially reduce their taxable income and, consequently, their overall tax liability.
Some common expenses eligible for itemization include:
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Medical Expenses: Qualifying medical and dental expenses that exceed a certain percentage of the taxpayer's adjusted gross income (AGI).
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State and Local Taxes: This includes state income or sales taxes and property taxes paid during the tax year.
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Mortgage Interest: Interest paid on mortgage loans for a primary residence and, in some cases, a second home.
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Charitable Contributions: Donations made to qualified charitable organizations can be deducted.
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Casualty and Theft Losses: Deductions for losses resulting from casualty events, like natural disasters, or theft.