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Form Instructions 1040-A online Colorado Springs Colorado: What You Should Know
You can use Table 1 in the Schedule A instruction to figure your deductible expenses for most items. For deductions for which federal tax can be calculated based on the gross income you report, see the tables below. The following is an example of the deduction for food. It is not necessary to figure both sides of any equation. Example 1: Food: 1,000 Food-related Medical Expenses 150 Child-care Expenses 100 Travel Expenses 100 Total Itemized Deductions 1,000 Personal Federal income tax deduction 500 You must reduce 500 by this amount, so the deduction is 325. (For this example, the deduction for medical costs and child-care expenses is 100%.) Example 2: Clothing: 1,000 Clothing-related Medical Expenses 150 Child-care Expenses 100 Travel Expenses 100 Total Itemized Deductions 1,000 Personal Federal income tax deduction 500 You must reduce 500 by this amount, so the deduction is 325. (For this example, the deduction for medical costs and child-care expenses is 100%.) The deduction you can claim is limited to the greatest of your AGI or 3,800 (14,400 – 3,800 = 3,800 x 8%). For most people, the limit is 3,800 (for married filing jointly), but the income you make above this limit is not subject to the additional deduction, so don't take the deduction if you can't take an amount equal to or greater than your AGI. Note: This deduction does not give you an additional deduction for all of your miscellaneous expenses. Your deduction for miscellaneous taxes on your personal income is limited to the greatest of 2,400 or 5% of your federal income (for married filing jointly) or 1,100 or 5% of your federal income (for single filing jointly). If you cannot claim the deduction because you cannot fully deduct your miscellaneous expenses, you may be able to claim a reduced deduction for the miscellaneous expenses you can deduct. See Itemized Expenses below for more information on itemized deductions for miscellaneous expenses. How to use these tables. For each expense listed, use this table to figure your deduction: What counts as an expense on line 1? If no expense qualifies, you can't deduct that expense. The amount you can deduct depends on when the expense was incurred.
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