Should I take itemized tax deductions?
If the total amount of your itemized deductions is higher than your standard deduction, you will
probably want to itemize. By itemizing, you reduce your adjusted gross income and have a lower taxable income.
What are the limits of itemized deductions?
You are subject to a limit on certain itemized deductions if your adjusted gross income or AGI
is more than $150,000 (or $75,250 if married filing jointly).
Where to report itemized deductions?
You report your itemized deductions on Schedule A of the tax
form 1040. The amount from line 28 of Schedule A is entered on line 40 of the tax form 1040 if you itemize. In
general deductions you may be able to claim include:
Medical and Dental expenses
Interest you paid
Gifts to charity
Casualty and Theft losses
Job expenses and most other miscellaneous deductions
Other miscellaneous deductions