Discuss the state and local income taxes deductions


Essay Question:

In your essay you must cover the following points:

1) brief description of deduction,

2) its purpose and who can use it,

3) mechanics of how the deduction is calculated, and

4) any applicable limits, thresholds, or phaseouts used(or if none, state so).

You only need to cover the general points about the deduction. You need not describe every detail ornuance.

Choices of deductions:

Moving expenses (line 26 of form 1040)

State and local income taxes (line 5 of Sch A)

Educator expenses (line 23 of form 1040)

Real estate taxes (line 6 of Sch A)

SE health insurance (line 29 of form 1040)

Casualty and theft losses (line 20 of Sch A).

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Taxation: Discuss the state and local income taxes deductions
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