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Deductions & credits
I am confused. Turbotax Help states " You have the option of claiming either general state and local sales taxes or state and local income taxes as an itemized deduction to reduce your tax bill." So TurboTax is stating that it is an "either or situation."
So if I have not paid state income tax in a state that has an income tax and instead I use the sales tax deduction, can I deduct the state income tax I will owe for 2020 on my 2021 return?
‎April 17, 2021
8:28 AM