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When You Should File Schedule A

File Schedule A to Itemize Deductions

Filing a Schedule A form with your tax return is only necessary if you elect to itemize deductions instead of taking the standard deduction. The standard deduction is available to all taxpayers (with some exceptions) and doesn’t require you to submit details on your deductible expenses to the IRS. However, the standard deduction is fixed in amount and only increases for inflation each year. Therefore, you should only file a Schedule A when the total amount of your itemized deductions is greater than the standard deduction for your filing status. Suppose, for example, the standard deduction amount for a single filer is $5,800, $8,500 for head of household and $11,600 for married filing jointly and qualifying widow or widower with a dependent child. As a result, a single filer will choose to itemize deductions on Schedule A only if the total of their itemized deductions is at least $5,801.

Tax Deductions to Report on Schedule A

You can’t deduct every expense you incur on Schedule A; rather, the IRS limits the types of expenses and for some of them, places limitations on the amount. Expenses you can deduct on Schedule A include medical and dental expenses that exceed 7.5% of your adjusted gross income, or AGI; state and local income tax or sales tax payments, real estate taxes, personal property taxes, the mortgage interest deduction and points, mortgage insurance premiums, investment interest expense (which requires calculation of your net investment income), the charitable contribution deduction, casualty and theft losses to your property and a number of miscellaneous expenses, such as unreimbursed employee expenses – which include your union dues. One thing you should be aware of is that the category of miscellaneous deductions that cover your unreimbursed employee expenses are only deductible to the extent that the total you report on Schedule A exceeds 2% of your AGI. There is also a maximum mortgage interest deduction you can take. The IRS limits the amount of mortgage interest you can report on Schedule A to that which accrues on a maximum of $1 million in total outstanding mortgage balances on up to two qualified homes.

You Must File Form 1040

One final, but important thing you should understand is that you can only file Schedule A as an attachment to Form 1040. If you file your tax return on Form 1040A or 1040EZ, you’re automatically ineligible to itemize your deductions – regardless of whether you’d be eligible if filing Form 1040.

Reference: Instructions to IRS Form 1040 (Schedule A)