Schedule A, Itemized Deductions
Tax Preparation Checklist
Depending
on your tax situation there may be different advantages between the standard tax deductions
and itemizing deductions.
For tax purposes, there are many tools that can help simplify the tax preparation process. The TurboTax Itsdeductible tool works well for tax deduction support.
Taxes
that are generally 100% deductible:
- Foreign Income Taxes
- General State / Local Sales Tax
- Property Taxes
- Payments to Mandatory State Funds
- Real Estate Taxes
- State / Local Taxes
- Value Based Auto License Fee
Most personal interest is non-deductible.
Deductible
Interest Expenses:
- Business Interest
- Home Mortgage Interest
- Home Mortgage “Points” Paid
- Interest on Special Assessments (as real estate tax)
- Investment Interest
- Mortgage Loan Interest Premiums Covering
- Mortgages Purchased in 2007 & beyond
- Second Home Mortgage Interest
Cash and property donated to qualified organizations
Deductible
Charitable Contributions:
- Boy & Girl Scouts
- Churches
- Non-Profit Schools
- Non-Profit Hospitals
- Public Parks
- Red Cross, Salvation Army, Goodwill, United Way, etc.
- Some Environmental/Conservation Groups
- War/Veterans Groups
- YMCA
Medical expenses are generally deductible if they exceed 10% of your income, or 7.5% of your income if you are over the age of 65.
Deductible
Medical Expenses
- Cost of Guide Dogs
- Doctor / Dentist Fees
- Drug / Alcohol Treatment
- Handicap Access Devices for Disabled
- Life-Care Fees for Medical Treatment
- Long-term Care Insurance Premiums
- Meals / Lodging Related to Hospital Stays
- Operations
- Organ Donation
- Physician Diet / Health Programs
- Psychiatric Care
- Removal Cost
- School and/or Home for Disabled
- Smoking Cessation Program Cost
- Special Needs Items
- (glasses, limbs, dentures, wheelchair, hearing aids, etc.)
- Transportation (Medical related)
- Weight Loss Program Costs
Casualty and theft losses are generally deductible if:
- They exceed 10% of your adjusted gross income
- They are not reimbursable by insurance
- Each event exceeds $500
Deductible
Casualty & Theft Losses
- Fire
- Natural Loss: Tornado, Hurricane, Flood, etc.
- Other Accidents
- Theft
- Vandalism
Most miscellaneous deductions are only deductible to the extent they exceed 2% of your adjusted gross income.
Miscellaneous
Tax Deductions
- Business Use Depreciation
- Certain Legal Fees
- Classroom Material Expense for Teachers
- Employee Business Expenses
- Gambling Losses to Offset Gains
- Handicapped Job Related Expenses
- Hobby Expense to Offset Gains
- In-Home Office Expenses
- Investment Related Expense
- IRA/KEOGH Administration Fees
- Job Hunting Expenses
- Job Required Education Expenses
- Job Required Medical Exams
- Repayments of Income
- Repayments of Social Security
- Safe Deposit Box Cost
- Tax Preparation Fees
- Trust Administration Fees
- Un-recovered Annuity Costs
- Work Uniforms
- 50% of Business Related Meals and Entertainment
Categories For Itemized Tax Deductions
The following topics are found in the category of Itemized Deductions. Each topic is followed by the corresponding topic number. Visit IRS Tax Topics Categories, to select the three-digit topic.
| Should I Itemize? | Topic 501 |
| Medical and Dental Expenses | Topic 502 |
| Deductible Taxes | Topic 503 |
| Home Mortgage Points | Topic 504 |
| Interest Expense | Topic 505 |
| Charitable Contributions | Topic 506 |
| Miscellaneous Expenses | Topic 508 |
| Business Use of Home | Topic 509 |
| Business Use of Car | Topic 510 |
| Business Travel Expenses | Topic 511 |
| Business Entertainment Expenses | Topic 512 |
| Educational Expenses | Topic 513 |
| Employee Business Expenses | Topic 514 |
| Casualty, Disaster and Theft Losses (Including Federally Declared Disaster Areas) | Topic 515 |
