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Identify and describe the five types of itemized deductions discussed in Chapter 5. What Schedule are...

Identify and describe the five types of itemized deductions discussed in Chapter 5.



What Schedule are the itemized deductions reported on?

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Answer #1

Answer:

Itemized deuction is an expenditure on eligible products, services or contributions that can be subtracted from adjusted groos income to redure your tax bill.

Types of itemized deductions are as follows:

  • Mortgage interest
  • State and local income tax
  • Investment Interest Expense
  • Medical Expesnes
  • Miscellaneous Deductions

Itemized deductions are listed on schedule A of form 1040 and the amount they lower your tax bill depends upon your filling status and tax bracket.

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