2023 Form 1040 Schedule A - Itemized Deductions

The 2023 Form 1040 Schedule A is used by taxpayers in the United States to report and claim itemized deductions on their federal income tax return. Instead of taking the standard deduction, taxpayers can choose to itemize their deductions using this form if their total itemized deductions exceed the standard deduction amount.

Common expenses that can be itemized on Schedule A include:

1. Medical and Dental Expenses: Out-of-pocket medical and dental expenses that exceed 7.5% of adjusted gross income (AGI).
2. State and Local Taxes: Payments for state and local income, sales, and property taxes (subject to a cap of $10,000).
3. Home Mortgage Interest: Interest paid on a home mortgage, including points paid on a mortgage.
4. Charitable Contributions: Donations to qualified charitable organizations.
5. Casualty and Theft Losses: Losses from a federally declared disaster (subject to limitations).
6. Other Itemized Deductions: Various other deductible expenses like investment interest and certain unreimbursed employee expenses.

Choosing to itemize deductions may result in a lower taxable income compared to taking the standard deduction, depending on your individual financial situation.

For the current year's Form 1040 Schedule A, click here.