Irene2805
Expert Alumni

Deductions & credits

Here is information on the limitations you asked about

 

Mortgage Interest -  For mortgages taken out after December 15, 2017, you are limited to the interest on indebtedness of up to $750,000 if you are filing single, married filling jointly or head of household.  ($375,000 if married filing separately)  For mortgages taken out on or before December 15, 2017, you can deduct interest on up to $1 million of indebtedness.

 

Property taxes -  There is a $10,000 limit ($5,000 MFS) for property tax and state taxes.  You may have heard it referred to as  "SALT"-- State And Local Tax.  This includes property tax, any state tax paid, and includes any state withholding from your W2s and any 1099s you have. 

 

Charitable donations - In most cases, the amount of charitable cash contributions taxpayers can deduct on Schedule A as an itemized deduction is limited to a percentage (usually 60 percent) of the taxpayer’s adjusted gross income (AGI). There are certain qualified contributions that are not limited.

 

Child and Dependent Care Credit - The maximimum amount of child care you can use for the credit is $3,000 per child.

 

 

For the 2020 tax return, the standard deduction is:

 

Single or Married Filing Separately - $12,400

Married Filing Jointly or Qualified Widow(er) - $24,800

Heal of Household:  $18,600