What Is Sche🐽dule A (Form 1040 or 1🍸040-SR): Itemized Deductions?

Schedule A (Form 1040 or 1040-SR): Itemized Deductions is an Internal Revenue Service (IRS) form for U.S. taxpayers who itemize their 澳洲幸运5开奖号码历史查询:tax-deductible expenses rather than take the 澳洲幸运5开奖号码历史查询:standard deduction. Schedule A is an attachment to 澳洲幸运5开奖号码历史查询:Form 1040 that taxpayers use to report their annual 澳洲幸运5开奖号码历史查询:income taxes.

Who Can File Schedule A?

Any U.S. taxpayer can file a Schedule A Form and claim 澳洲幸运5开奖号码历史查询:itemized deductions as an alternative to taking th𓂃e standard deduc𒁃tion.

Eligible deductions may include qualified medical expenses, a portion of 澳洲幸运5开奖号码历史查询:state and local taxes (SALT), 澳洲幸运5开奖号码历史查询:mortgage interest, certain sales tax payments, and some 澳洲幸运5开奖号码历史查询:charitable contributions.

• For tax year 2024, the standard deduction for single taxpayers and married couples filing separately is $14,600. For married couples filing jointly, it is $29,200, and for heads of households, it is $21,900.
• For tax year 2025, the standard deduction for single taxpayers and married couples filing separately is $15,000. For married couples filing jointly, it is $30,000 and for heads of households, it is $22,500.

Many taxpayers who once itemized their deductions on Schedule A have found it more advantageous to claim the standard deduction. The 澳洲幸运5开奖号码历史查询:Tax Cuts and Jobs Act (TCJA) of 2017 limits the amount taxpayers can deduct for state and local taxes to a maximum of $10,000 for married couples or $5,000 for married taxpayers filing separately. The law nearly doubled the previous standard deduction.

Who Benefits from Filing Schedule A?

The $10,000 limit on deductions for state and 澳洲幸运5开奖号码历史查询:local taxes may be a deciding factor for residents of high-tax states. If a married couple in the state cannot find the additional balance in eligible deductions on top of the $10,000, they'll likely choose the stand♋ard deduction.

Many taxpayers have eligible deductions that total less than the standard deduction and do not need to keep track of their expenses or collect their r🧸eceipt🌞s. Additionally, itemized deductions are subject to challenge by the IRS, while taking the standard deduction is not.

Whꦕen a taxpayer has significant eligible 💦expenses that exceed the standard deduction, filing Schedule A makes sense.

Mortgage interest is often a good 澳洲幸运5开奖号码历史查询:benchmark. If your annual mortgage interest (found on your Mortgage Interest Statement or 澳洲幸运5开奖号码历史查询:Form 1098) is higher than the sta🉐ndard deduction, it is advantageous to itemiz🐲e deductions on Schedule A.

How to File Schedule A

The instructions for Schedule A explain which of your expenses are deductible and where they should be listed on the form.

澳洲幸运5开奖号码历史查询: Schedule A can be downloaded .

Schedule A requires taxpayerౠs to list their deductible expenses in six designated categories:

• Medical and dental expenses
• Taxes you paid
• Interest you paid
• Gifts to charity
• Casualty and theft losses (but only if the property is located in a federally-declared disaster area)
• Other itemized deductions

Like the standard deduction, the itemized deductions on Schedule A are subtracted from the taxpayer's adjusted gross income (AGI) to determine taxable income. If you i🐬temize your deductions, save documentation of eligible expenses throughout the year, including receipts, invoic𒅌es, and images of canceled checks.

The Bottom Line

Schedule A is the tax form used by taxpayers who itemize their deductible expenses rather than take the standa♈rd deduction. A taxpayer with significant eligible expenses that exceed the standard deduction will file a Schedule A. Eligible expenses include qualifie🌊d medical costs, some state and local taxes, and some charitable contributions.