What is not deducted on Schedule A?

What is not deducted on Schedule A?

What is not a deduction on Schedule A

Some taxes and fees you can't deduct on Schedule A include federal income taxes, social security taxes, transfer taxes (or stamp taxes) on the sale of property, homeowner's association fees, estate and inheritance taxes, and service charges for water, sewer, or trash collection.

What is deductible under Schedule A

Schedule A is used to claim itemized deductions that reduce your taxable income and the total amount of taxes you pay. The categories that can be itemized include taxes, interest paid, gifts to charity, medical and dental expenses, casualty and theft losses, and other miscellaneous expenses.
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Which of the following is not deductible as interest expense on Schedule A

Mortgage interest on a taxpayer's personal residence is not deductible on Schedule A. Feedback: Mortgage interest on a taxpayer's personal residence is deductible on Schedule A. To deduct interest paid with respect to indebtedness, the taxpayer must be legally liable for the debt.

What is not deducted from paycheck

Taxable income not subject to withholding – Interest income, dividends, capital gains, self employment income, IRA (including certain Roth IRA) distributions. Adjustments to income – IRA deduction, student loan interest deduction, alimony expense.

What deductions are not optional

Deductions are subtracted from an employee's gross pay based on established rates as well as employee requests for voluntary deductions. For payroll purposes, deductions are divided into two types: Voluntary deductions. Involuntary (mandatory) deductions: taxes, garnishments, and fines.

Which of the following taxes will not qualify as an itemized deduction

Answer and Explanation: The gasoline taxes paid on personal travel cannot be itemized.

Is Medicare deductible on Schedule A

Part A premiums are tax-deductible if you meet certain requirements. (Most people don't pay premiums for Medicare Part A, but if you do and you're not yet collecting Social Security benefits, these are deductible.) Part B premiums are tax-deductible. Part C premiums are tax-deductible.

Are health insurance premiums deductible on Schedule A

If you don't claim 100% of your paid premiums, you can include the remainder with your other medical expenses as an itemized deduction on Schedule A (Form 1040).

What types of interest are not deductible

Personal interest – is not deductible. Typically this includes interest from personal credit card debt, personal car loan interest, home appliance purchases, etc. Investment interest – this is interest paid on debt incurred to purchase investments such as land, stocks, mutual funds, etc.

Which investment expense is not deductible

Investment expenses do not include expenses related to investment interest, passive activities or to a business or trade. Expenses related to running a business or trade or expenses incurred for property held for rent or royalty income are deductible from gross income.

What deductions are optional

Voluntary Deductions. Voluntary deductions are amounts which an employee has elected to have subtracted from gross pay. Examples are group life insurance, healthcare and/or other benefit deductions, Credit Union deductions, etc.

What are the 5 mandatory deductions from your paycheck

Mandatory Payroll Tax DeductionsFederal income tax withholding.Social Security & Medicare taxes – also known as FICA taxes.State income tax withholding.Local tax withholdings such as city or county taxes, state disability or unemployment insurance.Court ordered child support payments.

What is never deductible on Schedule A itemized deductions

Note: The following items aren't deductible on Schedule A: Federal income and excise taxes, Social Security or Medicare taxes, federal unemployment (FUTA), railroad retirement taxes (RRTA), customs duties, federal gift taxes, per capita taxes, or foreign real property taxes.

Which 2 deductions are mandatory and involuntary

Involuntary (mandatory) deductions: taxes, garnishments, and fines.

What other deductions are not taxable and made before taxes are calculated

Pre-tax deductions: Medical and dental benefits, 401(k) retirement plans (for federal and most state income taxes) and group-term life insurance. Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments. Post-tax deductions: Garnishments, Roth IRA retirement plans and charitable donations.

Which of the following is not a possible tax or deduction that could be withdrawn

Instant Text Answer

7. Union dues A: The correct answer is "Union dues" as it is not a tax but a membership fee for being part of a labor union. All other options are possible taxes or deductions that could be withdrawn from your paycheck.

Can I deduct Medicare Part B premiums on Schedule A

We follow strict editorial standards to give you the most accurate and unbiased information. Yes, your monthly Medicare Part B premiums are tax-deductible. Insurance premiums are among the many items that qualify for the medical expense deduction.

What covers the Part A deductible of Medicare

In general, Part A covers:

Inpatient care in a hospital. Skilled nursing facility care. Nursing home care (inpatient care in a skilled nursing facility that's not custodial or long-term care) Hospice care.

Which of the following is not itemized deduction

You may not deduct funeral or burial expenses, nonprescription medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery. You may not deduct amounts paid for nicotine gum and nicotine patches that don't require a prescription.

What are two common deductions which are allowed for regular tax purposes but are not deductible for AMT purposes

Line 2a: Standard deduction or deductible taxes from Schedule A: In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return.