Deductions & credits

Sales tax is an itemized deduction that has no effect whatsoever on your tax due or refund unless you also have enough other itemized deductions like mortgage interest and medical expenses or charity donations to exceed your standard deduction.

 

Do you expect to have enough itemized deductions to make it worth entering sales tax?

 

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**