Itemized
Deductions 2002
The tax code allows each
taxpayer a standard itemized deduction. You
get this deduction no matter what your
income level is. For 2002 there deductions
were as follows:
-
Single -
$ 4,350.
-
Married filing
jointly - $
7,850.
-
Married filing
separately - $ 3,925.
-
Head of
Household - $
5,650.
But there are certain
expenses that are classified as "itemized
deductions." When you add these expenses
together, they exceed the standard itemized
deduction, you can deduct the larger of the
two.
These expenses/deductions
include :
Medical
expenses
Taxes
Interest
expense
Charitable
contributions
Miscellaneous
Itemized Deductions
Example 1:
State income taxes on
W-2
$960.
Real estate taxes on
home
$1,100.
Mortgage Interest
$8,000.
Contributions to
church
$500.
TOTAL ITEMIZED
DEDUCTIONS $
10,560.
If you are married filing
jointly this create an additional $2,710 in
deductions. |
