State and Local General Sales Taxes. If you elect to deduct state and local general sales taxes instead of income taxes, you must check the box on line 5a. To figure your state and local general sales tax deduction, you can use either your actual expenses or the optional sales tax tables.
What is line 5b on Schedule A?
Line 5b lets you deduct any real estate taxes you paid this year (local or state), as long as they satisfy the following conditions: The property wasn’t used for business. The taxes are assessed “uniformly at a like rate on all real property throughout the community”
What is a Schedule 2 tax?
Schedule 2: Supporting documentation for tax form 1040 if box 11b is checked. This Schedule is used to report additional taxes owed such as the alternative minimum tax, self-employment tax, or household employment taxes.
Is there a line 5 for state and local taxes?
In line 5 on Schedule A, you can deduct either state and local income taxes here or state and local sales taxes. You can’t do both. “If you elect to deduct state and local income taxes, you must check box a on line 5. Include on this line the state and local income taxes listed next.
How is Line 5 of schedule a calculated?
Schedule A line 5 is calculated from the state withholding fields in various input screens. A Not Required Statement will calculate and reconcile all of the state withholding inputs.
Where do I find line 9A on my tax return?
Line 9a comes from Schedule A data entry, line 9, or from Form 4952, line 8 (see instructions for other limitations). Line 9b is calculated from the state, local, and foreign income tax attributable to NII – generally Schedule A, line 7.* This amount is subject to limitation based on the ratio of Form 8960, line 8 divided by the AGI on Form 1040.
Can you deduct both state and local taxes on schedule a?
In line 5 on Schedule A, you can deduct either state and local income taxes here or state and local sales taxes. You can’t do both. From the IRS Instructions for Schedule A: “If you elect to deduct state and local income taxes, you must check box a on line 5.
