My spouse's W-2 form has the following abbreviations in Box 14: "LST-710501" and "PA UC". Through research, I found that LST stands for Local Services Tax and PA UC stands for PA Unemployment Compensation.
When choosing the tax category in TurboTax, would LST be "Other mandatory state or local tax not on above list", and would PA UC be "PA Unemployment Tax"? I want to maximize my state and federal deductions, but I don't want to select the wrong category.
Yes, it will be "Other mandatory state or local tax not on above list", and would PA UC be "PA Unemployment Tax". You can deduct state and local real estate and personal property taxes, if you itemized your deduction, as well as either income taxes or general sales taxes. Keep in mind, the Tax Cuts and Jobs Act limits the total state and local tax deduction to $10,000.
Yes, it will be "Other mandatory state or local tax not on above list", and would PA UC be "PA Unemployment Tax". You can deduct state and local real estate and personal property taxes, if you itemized your deduction, as well as either income taxes or general sales taxes. Keep in mind, the Tax Cuts and Jobs Act limits the total state and local tax deduction to $10,000.
What does the UC stand for. There is no Pa in front of the UC!
UC stands for Unemployment Compensation. Not all preparers of W-2s add PA in front of UC.
I saw an answer for LST as "Other mandatory state or local tax not on above list"," however, that is not an option on my 2024 TT product. I have these options:
"Other deductible state or local tax?"
or
"Other (not classified)"