Question

What is the total amount of itemized deductions reported on schedule A?

Answer 1

For individual taxpayers, Schedule A is used in conjunction with Form 1040 to report itemized deductions. If you choose to claim itemized deductions instead of the standard deduction, you would use Schedule A to list your deductions. Your itemized total is then subtracted from your taxable income.

By claiming itemized deductions in 2017, you might be able to save 10 cents to 39.6 cents for every dollar you decrease your taxable income over the decrease you’d get from the standard deduction. The amount you save depends on your tax bracket.

For instance, if you’re a single taxpayer in the 25% bracket and you have $10,000 of deductible Schedule A expenses, your 2017 tax savings are $912 ($10,000 – $6,350 × 25%). Itemized deductions are also limited for higher income taxpayers (generally, those with adjusted gross income (AGI) over $261,500, or $313,800 for joint filers.