Deductions & credits

When you go to the Sales Tax deduction screen, you have a choice of entering all of your own amounts ("Enter all my receipts") calculated from your receipts or you can choose "Easy Guide" which will use a formula based on your income and your local sales tax rate to figure out your deduction.

 

Sales tax is an itemized deduction that goes on Schedule A.   If you do not have enough other itemized deductions like mortgage interest, charity donations, medical expenses or gambling losses, to exceed your standard deduction, sales tax will have no effect on your tax due or refund.

 

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.**