Get IRS 1040 - Schedule A 2015

Schedule A is required in any year you choose to itemize your deductions. The schedule has seven categories of expenses: medical and dental expenses, taxes, interest, gifts to charity, casualty and theft losses, job expenses and certain miscellaneous expenses.

The standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses. For 2019, the additional standard deduction amount for the aged or the blind is $1,300.

The standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses. For 2019, the additional standard deduction amount for the aged or the blind is $1,300.

For the 2019 tax season, there's a new limit: You may deduct up to $10,000 ($5,000 if married filing separately) for a combination of property taxes and either state and local income taxes or sales taxes. You might be able to deduct property and real estate taxes you pay on your: Primary home.

The Mortgage Interest Deduction allows homeowners to reduce their taxable income by the amount of interest paid on a qualified residence loan. The law regarding the Mortgage Interest Deduction has been revised by the Tax Cuts and Jobs Act, and the changes will take effect beginning with returns filed in 2019.

For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200, and for heads of households, the standard deduction will be $18,350 for tax year 2019, up $350.

The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescription medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.

You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. You figure the amount you're allowed to deduct on Form 1040, Schedule A.

Deduction value for medical expenses In 2019, the IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 10% of their adjusted gross income. For 2017 and 2018, the threshold amount was lowered to 7.5% of AGI.

For 2017 and 2018, medical expenses are only deductible to the extent that they exceed 7.5% of your Adjusted Gross Income (AGI).

If you do itemize, you may deduct your medical expenses, including medical transpiration costs, only if and to the extent your total expenses exceed a specified percentage of your adjusted gross income (AGI) for the year. The threshold is 10% of AGI for 2019 and later; it was 7.5% of AGI for 2018.

Currently, we have the Bipartisan Budget Act of 2018 which says homeowners can deduct mortgage insurance premiums paid in 2017 and beyond. Always check with your CPA, but for now, mortgage insurance is still deductible for the 2017 tax year.

It is totally removed once you go over $109,000 per year AGI. ... Depending upon the level of your adjusted gross income, you may be able to deduct mortgage insurance for FHA and USDA loans as well. It's no wonder why we are receiving so many emails asking whether mortgage insurance and PMI is tax deductible in 2018.

The last year that the tax deduction for private mortgage insurance (PMI) was allowed was for tax year 2017 but only for mortgages taken out or refinanced after Jan. 1, 2007. ... If your adjusted gross income (AGI) is $109,000 or more for the year, this deduction is not allowed.

You closing costs are not tax deductible if they are fees for services, like title insurance and appraisals. You can deduct these items considered mortgage interest: Mortgage insurance premiums for contracts issued from 2013 to 2018 but paid in the tax year. Points since they're considered prepaid interest.