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1040 schedule a Form: What You Should Know

When you itemize your deductions, you may choose to claim one of a number of amounts. The different itemized deductions each have their own purposes, and each has an amount the amount should be deducted. You can also use the Schedule A instruction in the box at the bottom to estimate the amount you should claim for these purposes. Form 1040 (Schedule A) Itemized Deductions Guide What Are The Different Itemization Thresholds and Rates In This Schedule? The itemization threshold is the lowest estimated amount of your claim that is allowed to be deducted. You will generally be allowed to deduct expenses up to a certain amount, and the amount is higher for larger items. There are five different itemization thresholds—each higher than the previous—which determine your taxable amount, as follows: First, itemized deductions are available at a rate of up to 30% for the first 3,000 of your itemized expenses.  After 3,000 of expenses, the rate goes up to 39% for expenses over 3,000. This means that a taxable amount over 3,000 will be charged at the 35% rate.  Second, the first dollar of itemized expenses up to 15,400 is deductible up to a dollar-for-dollar credit if your Adjusted Gross Income is 150,000 or less (including both a primary residence and your spouse's primary residence).  The itemization credit is worth the full value of your deduction up to the credit limit. For expenses between 15,400 and 38,700, the itemization credit is worth the amount by which your Adjusted Gross Income exceeds 150,000 (with you and your spouse making up the difference). For expenses 38,700 through 75,900, it is worth the amount by which your Adjusted Gross Income exceeds 150,000, and for expenses above 75,900 you receive a dollar-for-dollar reduction on the actual amount that you are allowed to deduct. Third, after 15,400, the rate of itemization decreases to 25%.  After 15,400 of expenses, the itemization rate drops to 17%.  For expenses over 15,400, each dollar of itemization is deducted before any dollar of standard deductions are allowed, so you won't get any itemized deductions at all.

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