| Share
 

Itemized Deductions

Taxpayers may itemize deductions or take the standard deduction. The standard deduction amounts for 2012 were as follows: $5,950 for single persons, $8,7000 for heads of household, $11,900 for married filing jointly or qualifying widower, and $5,950 for married filing separately. Taxpayers 65 and older or blind are entitled to an additional standard deduction of $1,150.

In itemizing deductions, the following are major items that may be deducted in 2012: state, local, and foreign income, and property taxes, charitable contributions, employee moving expenses, medical savings accounts, casualty losses, mortgage interest, and miscellaneous deductions.


Information Please® Database, © 2008 Pearson Education, Inc. All rights reserved.

Adjusted Gross Income Federal Individual Income Tax Personal Exemptions

More on Itemized Deductions from Infoplease:


Premium Partner Content
HighBeam Research

Related content from HighBeam Research on: Itemized Deductions

Selected itemized deductions, Schedule A, 1990-2001. (Statistics of Income. SOI Bulletin)

Taxpayer who uses standard deduction may not use itemized deductions in computing AMT.(alternative minimum tax) (The Tax Adviser)

FTC for individuals: treatment of 3% phaseout of itemized deductions. (Brief Article) (The Tax Adviser)

Table 3. Returns with itemized deductions: itemized deductions, by type and by size of adjusted gross income, tax year 2005.(Individual Income Tax Returns, 2005) (Statistics of Income. SOI Bulletin)

Table 3. Returns with itemized deductions: itemized deductions by type and by size of adjusted gross income, tax year 2006.(Individual Income Tax Returns, 2006) (Statistics of Income. SOI Bulletin)

Employee allowed itemized deduction for worthless loan to employer. (The Tax Adviser)

Selected itemized deductions, schedule a, 1990-2001.(This Issue at a Glance)(Brief Article) (Statistics of Income. SOI Bulletin)

Treatment of legal fees incurred by individuals: depending on the claim that generated them, individuals' legal fees may be characterized in a variety of ways, from fully deductible to deductible only as a miscellaneous itemized deduction to totally nondeductible. This article explains the possible tax treatments, outlines how to determine the proper treatment, and highlights recent judicial and legislative developments. (The Tax Adviser)

1991 itemized deduction figures released. (Spring, 1993 Internal Revenue Service Statistics of Income Bulletin report on 1991 individual income tax returns) (Taxing Issues) (Brief Article) (Accounting Today)

Table 7.--Standard itemized and total deductions reported on individual income tax returns tax years 1950-2002.(Selected Historical and Other Data)(Illustration) (Statistics of Income. SOI Bulletin)

Additional search results provided by HighBeam Research, LLC. © Copyright 2005. All rights reserved.

24 X 7

Private Tutor

Click Here for Details
24 x 7 Tutor Availability
Unlimited Online Tutoring
1-on-1 Tutoring