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Business & farm
Keep in mind that some itemized deductions are limited, so the total itemized deductions on Schedule A might be less than the total amounts that you entered.
For medical expenses, the total is reduced by any reimbursements that you received, and then by 7.5% of your Adjusted Gross Income (AGI).
The total deduction for state and local taxes is limited to a maximum of $10,000 ($5,000 if you are married filing separately). The maximum applies to the total of real estate tax, personal property tax, and either state and local income tax or state and local sales tax.
Charitable contributions are limited to a percentage of your AGI. The percentage depends on what you contributed and the type of organization that you contributed to.
‎April 26, 2024
1:12 PM