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Itemized Deduction 2

Taxes

QuestionAnswer
What types of taxes are deductible State and local income or sales taxes(not both),real estate taxes,personal property taxes, and foreign income taxes that were paid or withheld during the year
Where is federal income tax withheld reported Form 1040,line 61.This tax is not deductible on the federal return,but might be on the state return
Where is social security and medicare taxes withheld reported No where on the federal return,but taxes might be deductible on the state return.
Where are state and local income taxes withheld reported They are included on Schedule A,line 5.A taxpayer enters the income taxes on the withholding lines of the state and local returns
What is a general sales tax A tax imposed on retail sales of a broad range of items at a single rate.Sales taxes imposed at lower rates are fully deductible;those imposed at higher rates are deductible up to general sales tax rate.
A taxpayer makes his final 2011 state estimated tax payment on January 15,2012.Where should he report this item. It is included on his 2012 Schedule A, line 5.This payment also should have been included on the estimated payments line of his 2011 state return.
A taxpayer has a 2010 state balance due,which she paid when she filed her return on April 8,2011.Where should she report this item It is included on her 2011 Schedule A,line 5
A taxpayer has 2011 state estimated tax payments,which he made on the 15th of April,June,and September,and on January 15,2012.Where should he report these items The April,June,and September payments are included on his 2011 Schedule A,line 5.The January payment is not included because it was made in 2012. The total of the four payments is entered on the estimated payments line of his 2011 state return
Created by: dawn2000
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