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cindycin7
New Member

In my itemized deductions, I'm trying to figure how they came up with the figure for total taxes paid? Is "income taxes paid" deducted?

For example, it deducted my mortgage interest and an amount for "total taxes paid", but I would like to know how they got that amount for "total taxes paid" (the breakdown)?   Are my "income taxes paid" from my W-2s deducted? Thank you.
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1 Best answer

Accepted Solutions
Bees
Level 7

In my itemized deductions, I'm trying to figure how they came up with the figure for total taxes paid? Is "income taxes paid" deducted?

It is a combination of real estate taxes and the amount you paid in state and local income tax and is limited by the new tax law to $10,000. (you have to choose to deduct either sales taxes or state income tax)

State and Local Taxes

For tax year 2019 (the taxes you file in 2020), you may be able to deduct sales tax, state and local income tax, and/or property taxes capped at $10,000 ($5,000 for married filing separate) if you itemize deductions.

 

https://turbotax.intuit.com/tax-tips/irs-tax-return/tax-reform-changes-that-impact-your-2017-taxes/L...

 

 

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

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2 Replies
Carl
Level 15

In my itemized deductions, I'm trying to figure how they came up with the figure for total taxes paid? Is "income taxes paid" deducted?

Total taxes paid includes any tax withheld and shown on any tax reporting document you entered, such as your W-2. It also includes any taxes you personally paid to the IRS such as quarterly tax payments if you're self-employed.

Depending on what screen you're on, and if your state taxes personal income or not, that total could be the total of all federal taxes paid, the total of all state taxes paid, or the grand total of both.

 

Bees
Level 7

In my itemized deductions, I'm trying to figure how they came up with the figure for total taxes paid? Is "income taxes paid" deducted?

It is a combination of real estate taxes and the amount you paid in state and local income tax and is limited by the new tax law to $10,000. (you have to choose to deduct either sales taxes or state income tax)

State and Local Taxes

For tax year 2019 (the taxes you file in 2020), you may be able to deduct sales tax, state and local income tax, and/or property taxes capped at $10,000 ($5,000 for married filing separate) if you itemize deductions.

 

https://turbotax.intuit.com/tax-tips/irs-tax-return/tax-reform-changes-that-impact-your-2017-taxes/L...

 

 

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

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