Fox Tax 2021

Sch A Deductions

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New tax law has basically doubled the standard deduction and eliminated the Misc. deduction entirely.  Therefore, it is more difficult to exceed the standard deduction.
To deduct mortgage interest, the loan must be on your primary residence.
No RV or boat interest deductions.

In some cases Sch A deductions do not qualify for Federal but do result in a deduction for State. 

MEDICAL EXPENSES:
 
Medical Miles Driven
Medical Insurance Premiums
Dental Insurance Premiums
Long Care Health Care Contracts
Prescription drugs / Insulin
Doctors / Therapists
Dental / Denture / Braces
Eye Glasses
Qualifying Equipment per Doctor
Lab X-Ray
Special Needs Children Expenses
Orthopedic Shoes
Canes / Crutches / Braces
Wheelchairs
Nursing Help
 
Total of Above MEDICAL EXPENSES
Deduct 10.0% of AGI from above
 
NET Medical expenses
 
 
TAXES
 
Real Estate Taxes on Home
Real Estate Taxes on Second Home/Condo
Property Taxes on Land
 
Total of Above TAXES
 
INTEREST
 
Home Mortgage Interest Paid
Home Points Paid
Qualified Mtg Insurance Premiums
Investment Interest
 
Total of above INTEREST
 
GIFTS TO CHARITY
 
Cash Gifts
Other than Cash
(Note: If non cash donations exceed $500, and itemized list and receipts are required. Vehicle donations with a value greater than $500 must have a form from the seller as to what the vehicle sold for).
Chairitable miles driven.
 
Total of above Cash and Non Cash Donations
 
CASUALTY & THEFT LOSSES
 
Total from Form 4684
 
>TOTAL OF ALL ABOVE AMOUNTS IN RED
(Note: Use above total if amount exceeds the standard deduction for your filing status)
 
 
 
 
 
 
 
 

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