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Itemized Deductions

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

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