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Get your taxes done using TurboTax
There are differences between what you can itemize on your 1040 versus what you can itemize on your IT-201.
Here could be some of the differences:
- For federal purposes, you can no longer claim an itemized deduction for job expenses and certain miscellaneous deductions that were subject to the 2 percent of FAGI limitation, such as employee business expenses. In NY, you can claim some of these deductions, such as employee business expenses.
- For federal purposes, you can no longer claim an itemized deduction for a casualty or theft loss unless it is the result of a federally declared disaster. For New York purposes, you can claim casualty and theft losses.
- For federal purposes, your total itemized deduction for state and local taxes paid in 2021 is limited to a combined amount not to exceed $10,000 ($5,000 if married filing separate). In addition, you can no longer deduct foreign taxes you paid on real estate. For New York purposes, your state and local taxes paid in 2021 are not subject to the federal limit and you can deduct foreign taxes you paid on real estate.
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‎February 19, 2022
7:20 AM