Q:

Where can I find instructions for making an itemized deductions list for the IRS?

A:

Quick Answer

Full instructions for making an itemized deductions list for the IRS are available at the official IRS website. Itemized deductions are also known as Schedule A and are filed using Form 1040. Itemizing deductions are an alternative to taking the standard deduction, which is a set rate to deduct from annual taxable income, based on inflation and individuals' tax status, according to Investopedia.

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Full Answer

Deductions that can be itemized fall into a number of categories. As of 2014, these are:

  • Medical and dental expenses
  • Taxes paid
  • Interest paid
  • Gifts to charity
  • Casualty and theft losses
  • Job expenses
  • Miscellaneous Deductions

Of these, medical and dental expenses can be the most difficult for many taxpayers to qualify for, according to Investopedia. The category covers medical and dental expenses that are not reimbursed by insurance and that exceed 7.5 percent of individuals' adjusted gross incomes.

The taxes covered by the taxes paid category include only personal property taxes and state or local taxes assessed for the preceding year. Taxes that were reimbursed in that year are counted as income.

The casualty and theft losses category includes losses that were incurred as a direct result of a casualty or theft, providing they exceed 10 percent of the adjusted gross income.

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