Itemized Deductions

Itemized Deductions

Itemized Deductions means:
specific individualized tax deductions, allowed under provisions of the Internal Revenue Code and state and municipal tax codes for specific expenses incurred by the taxpayer during the taxable year (e.g., unreimbursed medical expenses, qualified residence interest expense, casualty loss, charitable contributions). These deductions are allowed in computing taxable income. There is an overall limitation on certain itemized deductions. An alternative is to claim the standard deduction. Former IRC (check if this IRC provision is current here) §§63(d), 67, and 68.

See also other Tax Terms and Definitions in U.S.A.

Itemized deduction limitation and Deductions.

Allowable deductions from income that are individually identified. A taxpayer will itemize deductions instead of claiming a standard deduction of a lesser amount.

U.S. Tax Meaning

In the US a deduction as specifically set forth in the Internal Revenue Code. The deductions in this part are individually listed, item by item.

see Tax Code in the U.S. Encyclopedia and Tax Code in the Global Encyclopedia.

Description and Definition of Itemized Deductions

Items such as deductible interest, medical expenses, state and local taxes, charitable contributions, casualty and theft losses, unreimbursed employee expenses, and miscellaneous deductions that are claimed on Schedule A of Form 1040. These expenses can be deducted to reduce your income after your adjustments and before your income tax calculation. The amount of itemized deductions are subject to a 3% reduction when adjusted gross income exceeds certain limits.


See Also

Further Reading






Leave a Reply

Your email address will not be published. Required fields are marked *