m-l-pickens
Level 1
12-07-2019
03:15 AM
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because of individual taxpayer circumstances, I need to itemize on Sch A so they will transfer to the state return. The check box on Sch a line 18 does not work.
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garman22
Level 13
12-07-2019
03:15 AM
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You will find that box to check on the client worksheet....Part X.
Just-Lisa-Now-
Level 15
12-07-2019
03:15 AM
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Officially called the Federal information worksheet :smile:
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garman22
Level 13
12-07-2019
03:15 AM
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Oh yeah.........I always say that one incorrectly. Glad you are on top of things today, Lis...
m-l-pickens
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12-07-2019
03:15 AM
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Thank you both very much
garman22
Level 13
12-07-2019
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Anytime!
IRonMaN
Level 15
12-07-2019
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But, if you are in a state that didn't conform with the federal changes, the amounts on the federal schedule A should still transfer to the state without checking any boxes -------------------------- but maybe I'm missing something in your thought process.
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rbynaker
Level 13
12-07-2019
03:15 AM
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I suspect it's a situation where they pay a little more on federal and save a lot more on state. I'm running into this a good bit on VA returns.
IRonMaN
Level 15
12-07-2019
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That's kinda funky.
Slava Ukraini!
Slava Ukraini!
rbynaker
Level 13
12-07-2019
03:15 AM
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Yep. For VA I really have to look at anything where itemized deductions are in the ~$20K-24K range. Depends on what federal tax bracket they're in and the ratio of property taxes to SALT cap.
A quick example. MFJ TP has $10K of RE taxes and $12K of mortgage interest. Itemizing on federal costs $2K higher TI x let's say 24% = $480. Itemizing on VA (allowed only if itemizing on federal) saves $22K - $6K (VA SD) = $16K lower TI x 5.75% = $920.
A quick example. MFJ TP has $10K of RE taxes and $12K of mortgage interest. Itemizing on federal costs $2K higher TI x let's say 24% = $480. Itemizing on VA (allowed only if itemizing on federal) saves $22K - $6K (VA SD) = $16K lower TI x 5.75% = $920.
sjrcpa
Level 15
12-07-2019
03:15 AM
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It is an iisue for MD, too.
Ex-AllStar
Ex-AllStar
rbynaker
Level 13
12-07-2019
03:15 AM
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Yeah. It's worse for you since you have the local income tax rates throwing another variable into the mix. And you have a lower SD. So maybe start looking around $17K+ for MD residents?