Business, Legal & Accounting Glossary
Schedule A is an IRS form that accompanies the tax return of any taxpayer claiming itemized “below the line” deductions. Schedule A cannot be used with forms 1040A or 1040EZ. Only taxpayers filing Form 1040, also known as the long-form, are allowed to use Schedule A. If a taxpayer does not have much in the way of itemized deductions, they do not need to worry about filing Schedule A. However, taxpayers who can itemize deductions that amount to more than their standard deduction for the year can benefit from filing Schedule A with their tax return. Tax deductions included on the Schedule A include mortgage interest, medical expenses, other taxes paid, and charitable contributions. Also, losses related to fires, storms, or theft can be claimed on Schedule A. Taxpayers can be limited on the percentage of total itemized deductions they can claim on Schedule A if their AGI exceeds a certain threshold amount. For more information on Schedule A, and to find step by step instructions for the form please refer to the IRS instructions for Form 1040 for the appropriate tax year.
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This glossary post was last updated: 5th February, 2020 | 0 Views.