Advisor Flipbooks

SCHEDULE A (Form 1040) Department of the Treasury Internal Revenue Service Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest information. Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. OMB No. 1545-0074 Attachment Sequence No. 07 Name(s) shown on Form 1040 or 1040-SR Your social security number Medical and Dental Expenses Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see instructions) . . . . . . . 2 Enter amount from Form 1040 or 1040-SR, line 11 2 3 Multiply line 2 by 7.5% (0.075) . . . . . . . . . . . . . 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . . . . . . . . . . 4 Taxes You Paid 5 State and local taxes. a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box . . . . . . . . . . . . . . . . . 5a b State and local real estate taxes (see instructions) . . . . . . . 5b c State and local personal property taxes . . . . . . . . . . 5c d Add lines 5a through 5c . . . . . . . . . . . . . . . 5d e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) . . . . . . . . . . . . . . . . . . . 5e 6 Other taxes. List type and amount: 6 7 Add lines 5e and 6 . . . . . . . . . . . . . . . . . . . . . . . . . 7 Interest You Paid Caution: Your mortgage interest deduction may be limited. See instructions. 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box . . . . . . . . . . . a Home mortgage interest and points reported to you on Form 1098. See instructions if limited . . . . . . . . . . . . . . 8a b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address . . . . . . . . . . . . . . . . . . . 8b c Points not reported to you on Form 1098. See instructions for special rules . . . . . . . . . . . . . . . . . . . . . 8c d Reserved for future use . . . . . . . . . . . . . . . 8d e Add lines 8a through 8c . . . . . . . . . . . . . . . 8e 9 Investment interest. Attach Form 4952 if required. See instructions . 9 10 Add lines 8e and 9 . . . . . . . . . . . . . . . . . . . . . . . . . 10 Gifts to Charity Caution: If you made a gift and got a benefit for it, see instructions. 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions . . . . . . . . . . . . . . . . . . . 11 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 . . . . 12 13 Carryover from prior year . . . . . . . . . . . . . . 13 14 Add lines 11 through 13 . . . . . . . . . . . . . . . . . . . . . . . 14 Casualty and Theft Losses 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Other Itemized Deductions 16 Other—from list in instructions. List type and amount: 16 Total Itemized Deductions 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12 . . . . . . . . . . . . . . . . . . . . 17 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box . . . . . . . . . . . . . . . . . . . . . . . . For Paperwork Reduction Act Notice, see the Instructions for Form 1040. Cat. No. 17145C Schedule A (Form 1040) 2022 Line 4. Medical Expenses : The threshold to deduct medical expens es is 7.5% of the taxpayer's adjusted gross income (AGI). Medical expenses can be bunched into a particular tax year to help hurdle the 7.5% AGI limitation. Line 5e. Taxes You Paid: The deduction on taxes paid is limited to $10,000 for single and married filing jointly. Lines 11 and 12. Gifts to Charity: Appreciated investments may be donated instead of cash, which is very tax inefficient. Lumping charitable contributions into one tax year can help to hurdle the standard deduction. A donor-advised fund, such as the SEI Giving Fund, can be part of your charitable strategy. 2024

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