State and local tax deductions - TurboTax Support Video

Описание: Learn more about state and local tax deductions and how they affect your federal return. If you itemize your deductions, you can deduct the state and local taxes you paid. TurboTax will calculate everything for you when you enter your expenses.

00:00 State and Local tax deductions
00:18 Example
00:37 TurboTax solution

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Transcript:

If you itemize your deductions, you can deduct the state and local taxes you paid.
The maximum amount you can deduct on your federal return for these types of taxes paid is $40,000, or $20,000 if you're married and filing separately.
For example, if you paid $8,500 in state income taxes, $6,000 in property tax, and $500 to register your vehicle last year, you would only be able to deduct $13,000 of the $15,000 you paid because of the new cap.
TurboTax makes itemizing your deductions easy. When you enter your expenses, we'll do all the calculations for you.
For more answers to your questions, visit turbotax.com/support.